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Home prices in China continue to fall despite government's attempt to boost lending

  • Average prices of new homes in 70 key Chinese cities dropped 0.4% in January compared to a month ago, making it the ninth decline in a row.

    On an annual basis, prices in Shanghai and Beijing fell more in January than in December, official data show.

    Slowing economic growth and more supply have impacted the once booming real estate market in China.

    According to the National Bureau of Statistics, home prices were down in 64 cities of the 70 it tracked.

    The development is surprising as it came close on the heels of interest rate cut by China's central bank in November to boost lending.

    Tagged as: Chinese cities, home prices, Shanghai, Beijing, economic growth, real estate market, National Bureau of Statistics, business news