Chinese cities report price of homes in decline in October

More Chinese cities reported home price declines in October from a month ago, while their performance compared to a year ago was differentiated from city to city, according to official data.

In October, 56 out of the 70 Chinese cities tracked by the National Bureau of Statistics reported month-on-month declines in new home prices, two more than a month ago; and in terms of year-on-year, the number of cities reporting price fall was 47, two more than the previous month, said Shen Yun, a senior statistician with the National Bureau of Statistics (NBS) urban division.

China's four top-tier cities, which are Beijing, Shanghai, Shenzhen and Guangzhou, registered a mild growth of 0.4 percent in October from a year ago, against a drop of 0.3 percent from a month ago, according to the NBS.

The 31 second-tier cities tracked by NBS reported their new home prices edged down 0.2 percent month-on-month on average in October, but a growth of 0.3 percent from a year ago.

Of all the 35 third-tier cities, new home prices shed 0.5 percent on month but retreated 1.5 percent on the year.

The pre-owned home market experienced a similar trend with 67 out of the 70 major cities reporting declines in their existing home price both in terms of month-on-month and year-on-year.

wang_ying@chinadaily.com.cn