New-home prices in China suffered their steepest decline in more than seven years in September, even as the government rolled out more policies to boost the embattled property sector and stimulate home-buyer demand. Average new-home prices in 70 major cities in September fell 2.30% from a year earlier, after declining 2.10% in August, according to Wall Street Journal calculations based on data released Monday by China’s National Bureau of Statistics.
Fewer Chinese cities reported growth than a year ago. New-home prices rose in 20 out of 70 cities last month versus 21 cities in August. Compared with the previous month, average new-home prices fell for the 13th consecutive month. Prices dropped 0.28% in September, narrowing from August’s 0.29% decline, the statistics bureau said. Fewer cities reported growth from the month before. Fifteen of the 70 cities recorded a month-over-month increase in home prices in September, down from 19 cities in August. Write to Bingyan Wang at email@example.com