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The fall in housing prices in China has reached its highest in 8 years


Prices for new real estate in Chinese cities have been declining for the fourth month in a row, the Hong Kong newspaper South China Morning Post writes.

In October, prices for new housing decreased by 0.4%, which was the sharpest drop since February 2015 – then real estate prices fell by 0.5%.

The cost of new housing in 70 major cities of China has been falling for the fourth month. In September, prices decreased in 54 localities, and in October – in 56.

Also, according to the State Statistical Office of the People's Republic of China, investment in real estate in the country decreased by 9.3% for the period from January to October compared to last year. The measures taken by the Chinese authorities have failed to improve the situation, despite their reduction in mortgage rates.