China Nov new home prices suffer biggest decline in 6 years

BEIJING : China's new home prices suffered the worst month-on-month slump since February 2015 in November, as tighter policies and a liquidity crunch in the property sector hurt demand, official data showed on Wednesday.

New home prices fell 0.3per cent month-on-month after easing 0.2per cent in October, according to Reuters' calculations of data released by the National Bureau of Statistics (NBS). They rose 3.4per cent in November from a year earlier.

The property sector, a key driver of growth in the world's second-largest economy, has slowed sharply in recent months, with sentiment shaken by tight regulations and a liquidity crisis that has engulfed some of the country's largest and most indebted developers.