China’s new home prices fell for the third straight month in September and based on official data they’re diving at their fastest pace in almost a year.
Of the 70 cities listed in the data records, 54 reported price declines last month more than in August.
September and October are traditionally peak months for new-home sales in China, but the new data seemed to dash hopes for a demand turnaround.
China’s property sector was once a key engine for China’s economic growth making up a quarter of its GDP.
Beijing has been churning out stimulus programs in recent weeks, but now there’s doubt about whether its policies to prop up the property market are actually working.