China's October new home prices fall at fastest pace in a year

China's new home prices fell at their fastest pace in a year in October, official data showed on Friday, highlighting persistently weak demand in the crisis-hit property sector.

Prices fell 0.5 percent month-on-month, the steepest decline since October last year, after a 0.4 percent drop in September, according to Reuters calculations based on data released by the National Bureau of Statistics.

On an annual basis, home prices fell 2.2 percent in October, matching the rate of decline from the previous month.

Reuters