Home prices maintain declining in China

Potential homebuyers visit a housing expo in Zhengzhou, Henan province. New home prices in 69 of a sample of 70 major cities showed month-on-month drops in October, the National Bureau of Statistics (NBS) said in a statement. GENG GUOQING / FOR CHINA DAILY

Home prices in most Chinese cities continued to drop in October despite easing government restrictions on the market, official data showed on Tuesday. 

New home prices in 69 of a sample of 70 major cities showed month-on-month drops in October, the National Bureau of Statistics (NBS) said in a statement. 

The only exception is the city of Zhengzhou, where home price remained flat from the previous month. 

The latest data marked the sixth consecutive monthly drop, according to the NBS data. 

New home prices in Beijing and Shanghai dropped by 1.3 percent and 0.7 percent, respectively. For existing homes, 64 of the 70 cities saw price drops last month, with northeastern city of Mudanjiang registering the sharpest fall of 1.8 percent. 

On an annual basis, home prices in 67 out of the 70 cities were lower from a year ago.