China’s Home Prices Drop at Faster Pace in Blow to Sentiment

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Lukewarm home sales during a recent key vacation season stirred concerns about whether the existing government support is enough to spark a recovery. Photo: Bloomberg

(Bloomberg) — China home prices fell more steeply in September, adding to doubts over whether Beijing’s steps to prop up the property market are enough to revive the sector.

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.3% last month from August, when they slipped 0.29%, National Bureau of Statistics figures showed Thursday. Prices slid 0.48% in the secondary market.