Home prices in mainland China continued to decline at a rapid pace in November, posing challenges for policymakers who have vowed to stem a years-long downturn.
New home prices fell 0.4 per cent month on month on average across 70 cities, according to data from the National Bureau of Statistics (NBS) on Monday. The decline eased slightly from a 0.5 per cent fall in October, but it was among the steepest in more than a year.
Prices slipped 2.8 per cent year on year in November, compared with a 2.6 per cent drop in October.
Only 11 out of the 70 cities registered month-on-month gains, compared with six in October.
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Authorities have rolled out a series of measures to stem the fall, but to little effect. Local governments at different levels have issued more than 500 supportive measures this year, with top cities like Beijing and Shanghai scrapping most buying restrictions introduced during the boom years to curb soaring prices.
