BEIJING (Reuters) – China’s new home prices suffered the worst month-on-month slump since February 2015 in November, as tighter policies and a liquidity crunch in the property sector hurt demand, official data showed on Wednesday.
New home prices fell 0.3% month-on-month after easing 0.2% in October, according to Reuters’ calculations of data released by the National Bureau of Statistics (NBS). They rose 3.4% in November from a year earlier.
The property sector, a key driver of growth in the world’s second-largest economy, has slowed sharply in recent months, with sentiment shaken by tight regulations and a liquidity crisis that has engulfed some of the country’s largest and most indebted developers.
(Reporting by Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa)
