Reuters
China property hit by rare convergence of demand, supply declines
China’s property woes worsened on all fronts last month, as price falls in both new and resale homes amid deeper contractions in construction starts and investment by developers piled pressure on the sector in a rare confluence of declines. Prices of new homes dropped 0.2% on average last month from September, according to Reuters calculations of data released by the National Bureau of Statistics (NBS) on Monday, the first decline since March 2015. On the supply side, new construction starts plunged 33.14% on year in October, extending the 13.54% fall in September, while overall investment by developers in projects dropped 5.4%, deepening from the 3.5% decline a month earlier, Reuters calculations of the NBS data showed.
