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China home prices drop in more cities in August, extending slump

Industrial and retail data improved, but official says still facing 'difficulties'

HIgh-rise buildings in the northeastern Chinese city of Tianjin: New home prices dropped more Chinese cities in August.    © Reuters

XIAN, China -- China's new home prices dropped in more cities in August from the previous month, according to official index data released on Friday, extending the country's property sector slump even as industrial production and retail sales improved.

Data from the National Bureau of Statistics showed that new home prices dropped in 52 of 70 large cities last month, up from 49 cities in July. Housing demand in the key cities of Beijing, Shanghai, Guangzhou and Shenzhen turned negative in August, versus flat growth in July.

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