Mainland China's Home Prices Extend Slide, Pressuring Property Sector

New home prices fell 0.4 per cent month on month on average across 70 cities, according to data from the National Bureau of Statistics (NBS) on Monday. The fall matched November’s drop and was among the steepest in more than a year. Prices slipped 3 per cent year on year in December, accelerating from a 2.8 per cent drop in November. Only six out of the 70 cities registered month-on-month gains, compared with eight in November. At the annual central economic work conference last month, policymakers pledged to stabilise the housing sector, but stopped short of issuing measures many see as crucial for its recovery.