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Supply glut puts brakes on recovery in home prices

Prices of new homes fell in 33 cities in October, compared with 21 in September

Published Wed, Nov 18, 2015 · 09:50 PM
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Shanghai

CHINA'S home-price recovery slowed in October as a supply glut in less prosperous cities challenges the authorities' efforts to revive the residential market with interest-rate cuts and easing of mortgage restrictions.

New-home prices rose in 27 cities, 12 fewer than in September, the National Bureau of Statistics said on Wednesday. Prices dropped in 33 cities, compared with 21 in September, and were unchanged in 10.

The number of unsold new homes nationwide rose 14 per cent to 437 million square metres as at Oct 31 as the pace of home sales slowed, the statistics bureau said earlier this month. President Xi Jinping has vowed to "ease property inventory" after t…

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