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China’s new home prices stall in September; first time since February 2020

The growth of China’s new home prices in September stalled for the first time since February 2020, official data showed on Wednesday, as the property market softened further amid a sustained crackdown on speculation.

The average new home prices in China’s 70 major cities were unchanged in September month-on-month, compared with 0.2% growth in August, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS).

Compared with a year earlier, China’s new home prices grew 3.8% in September, easing from a 4.2% increase in August.

China’s property market, a key driver of economic growth, staged a robust recovery from the COVID-19 epidemic. Authorities have stepped up efforts this year to rein in the red-hot sector.
Source: Reuters (Reporting by Liangping Gao and Ryan Woo; Editing by Sam Holmes and Christopher Cushing)

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