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China April new home prices fall at fastest monthly pace in over nine years

China’s new home prices fell at the fastest monthly pace in over nine years in April, as intensified efforts by authorities to prop up the ailing property sector show few signs of paying off.

Prices were down 0.6% month-on-month in April, deeper than a 0.3% fall in March, the fastest pace since November 2014, according to Reuters calculations based on National Bureau of Statistics (NBS) data released on Friday.Prices have fallen for a tenth consecutive month, the data showed.

In annual terms, new home prices fell at the deepest pace since July 2015, down 3.1% last month versus a 2.2% drop in March.

Chinese authorities have stepped up efforts since 2022 to revive the ailing property sector, which is a major driver of the world’s second-biggest economy, but a meaningful recovery has proven elusive.
Source: Reuters (Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Shri Navaratnam and Christian Schmollinger)

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