Nov 16, 2021 04:18 AM

ECONOMY

China Housing Prices Slide Another Month, Pressuring Developers

By Niu Mujiangqu and Denise Jia

The number of Chinese cities with declining home prices increased in October to the highest level in six years.

The number of Chinese cities with declining home prices increased in October to the highest level in six years.

China’s housing prices continued to drop last month, adding to pressure on developers already suffering from a sales slump and a credit crunch under restrictive real estate lending policies.

The average price of new homes in 31 second-tier cities — provincial capitals — dropped 0.2% from September. Prices in smaller third-tier cities dropped 0.3%, according to figures released by the National Bureau of Statistics Monday.

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