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Home prices slide again in October

(China Daily)

09:22, November 02, 2011

BEIJING - Home prices in major Chinese cities fell for a second month in October, with more developers cutting prices as government property curbs crimped their cash flow.

According to SouFun Holdings Ltd, owner of the country's biggest real estate website, prices dropped in 58 of 100 sample cities, with the pace of decline quickening to 0.23 percent from 0.03 percent in September.

The number of cities experiencing month-on-month falls reached a record for this year in October, SouFun said in an e-mailed report on Tuesday.

The report attributed the declines to continued government tightening measures and a credit crunch. Those factors led large developers, such as Vanke Co Ltd and Longfor Group, to start cutting prices to stimulate sales in first- and second-tier cities. Prices for some projects plunged more than 20 percent on a monthly basis.

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