China home prices fell in October, dimming hopes after stimulus

Major cities log 0.3% drop as Biden highlights Beijing's economic 'problems'

Apartment buildings under construction in Beijing in July 2022. Chinese authorities have been attempting to spur the property sector out of its slump. © Reuters

CK TAN, Nikkei staff writer

November 16, 2023 13:09 JST

SHANGHAI -- New home prices fell in China's big cities in October, official data showed on Thursday, calling into question the effectiveness of the government's efforts to bolster the real estate market since September.

Sale prices for new residences in Beijing, Guangzhou, Shenzhen and Shanghai dropped by an average of 0.3% on the month in October, after staying flat in September, according to the National Bureau of Statistics. Shanghai mustered a 0.2% price increase while the others led the decline.