China Home Prices Fall for 13th Month as Property Woes Persist

Residential buildings under construction in the Lingang Special Area and Comprehensive Zone in Shanghai on Sept. 3. Photo: Bloomberg

(Bloomberg) — China’s home prices sank for a 13th month in September, underscoring President Xi Jinping’s challenge to arrest a slumping property market after he secured power for a historic third term.

New-home prices in 70 cities, excluding state-subsidized housing, dropped 0.28% last month from August, when they fell 0.29%, National Bureau of Statistics figures showed Monday. The second-hand market fared worse, with existing-home prices declining 0.39%, the most since October 2014.