Real Estate
China’s Falling Home Prices Cast Another Shadow Over Economy
- Prices dropped for the first time in six years in September
- Property slump is contributing to China’s economic slowdown
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China’s housing market slump has intensified in recent weeks as sales plunge and more developers default on their debt. Now the downturn has reached another milestone: home prices have begun falling for the first time in six years.
The 0.08% drop in new-home prices across 70 cities in September may be small, but it poses a potentially big blow for an economy that counts on property-related industries for almost a quarter of output.