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Chinese House Prices Decline Further

Economy

Average new home prices in 70 major Chinese cities assessed by the National Bureau of Statistics fell 5.7% year-on-year in May, Reuters reports. This compares with a drop of 6.1% in April and is the ninth month in succession average prices have fallen. Of the 70 cities, 69 saw annual falls in new home prices in May with the city of Shenzhen being the one exception.