Most Chinese cities record fall in home prices

Drop reflects worries about health of the country's property developers

Average property prices declined 0.5% in September from the previous month, according to annualized seasonally adjusted calculations by Goldman Sachs. © Reuters

CK TAN, Nikkei staff writer

October 20, 2021 11:18 JST

Updated on October 20, 2021 17:06 JST

SHANGHAI -- Home prices fell last month in most of China's largest cities, signaling that worries about the future of the country's debt-strapped property developers are driving homebuyers to the sidelines.

According to data released on Wednesday by the National Bureau of Statistics, prices for new homes fell in 36 of China's 70 largest cities, the highest number in six years. In August, prices fell in 16 of the tracked cities.