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China's new home prices stall in September for the first time since February last year

China's new home prices stall in September for the first time since February last year

FILE PHOTO: The Taoyuan Xindu Kongquecheng apartment compound developed by China Fortune Land Development is seen in Zhuozhou, Hebei province, China March 19, 2021. Picture taken March 19, 2021. REUTERS/Lusha Zhang/File Photo

BEIJING: The growth of China's new home prices in September stalled for the first time since Feb 2020, official data showed on Wednesday (Oct 20), as the property market softened further amid a sustained crackdown on speculation.

The average new home prices in China's 70 major cities were unchanged in September month-on-month, compared with 0.2 per cent growth in August, according to Reuters calculations based on data released by the National Bureau of Statistics.

Compared with a year earlier, China's new home prices grew 3.8 per cent in September, easing from a 4.2 per cent increase in August.

China's property market, a key driver of economic growth, staged a robust recovery from the COVID-19 epidemic. Authorities have stepped up efforts this year to rein in the red-hot sector.

Source: Reuters/ng

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