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Property

Prices for new homes in China fall as COVID bites

April average is first drop since December; year-on-year pace slowest since 2015

Prices for new homes rose 0.7% in April from a year earlier, the slowest pace since October 2015 and easing from a 1.5% gain in March.   © Reuters

BEIJING (Reuters) -- China's new-home prices in April fell for the first time month-on-month since December, official data showed on Wednesday, depressed by fragile demand in small cities and widespread COVID-19 lockdowns.

Average new-home prices in 70 major cities fell 0.2% on a month-on-month basis, compared with zero growth in March, according to Reuters calculations based on April data from the National Bureau of Statistics (NBS).

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