- China’s new home prices fell .2% in October, the biggest decline since February 2015.
- The decline comes as embattled developer Evergrande continues to grapple with its $300 billion debt load.
- The real-estate sector accounts for 25% of China’s GDP.
BEIJING (Reuters) – China’s October new home prices fell 0.2% month-on-month, the biggest decline since February 2015, amid continued demand weakness across the country with authorities holding the line on purchase restrictions to deter speculators.
New home prices rose 3.4% year-on-year in October, slower than the growth of 3.8% in September, according to Reuters calculations of data released by the National Bureau of Statistics (NBS) on Monday.
Sentiment in China’s property market, which accounts for a quarter of gross domestic product by some metrics, has been rocked by concerns about major property developers grappling with massive debts.
Editing by Christian Schmollinger.