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News

Chinese property prices fall down last mouth

  • Author:Lisa
  • Source:www.tigloncn.com
  • Release on :2014-10-25
The overall price decline was 1.3 per cent compared to last September, according to a Reuters analysis of the data released by the National Bureau of Statistics.

This slightly deepens the falls already seen in previous months. Chinese new home prices declined in 68 of the 70 cities in August, and fell across 64 of the cities in July.

China's real estate sector is a major driving force for economic growth, as local governments who fund the infrastructure projects that boost GDP often rely on land sales to property developers for financing.

China's economy grew by 7.3 per cent in the third quarter, its slowest pace of expansion since the depths of the financial crisis in early 2009. Meanwhile, a slowdown in construction activity following years of frenzied property investment. Industrial demand has slackened to the point that steel in some Chinese markets is as cheap as cabbages.

The situation of  prices fell across the country in September, underscoring fears over the growth of the world's second biggest economy.

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