Supply glut puts brakes on recovery in home prices
Prices of new homes fell in 33 cities in October, compared with 21 in September
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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.
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