Chinese new home prices dropped for an eighth consecutive month

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Chinese new home prices fell 6.1% in the year to April, unchanged from the decline reported in March.

The decline was the eighth month in a row that new home prices across the nation have fallen.

47 out of 70 cities surveyed recorded price declines compared to a year earlier, down slightly on 49 figure of March.

Prices in Beijing, the nation’s capital, fell by 3.2%, an improvement on the 3.7% decline of March, while those in Shanghai slid 4.7% compared to 4.9% seen previously.

Shenzhen, in China’s south, was the only major east coast city to report an annual increase of 0.7%.

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