Chinese home price plunge deepens

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Fresh from China NBS, average new home prices fell in 68 of the 70 cities compared with July. In July it was 64 cities. Year on year home prices were only up 0.5% versus 2.5% in July. In month on month terms prices fell 0.6% after 0.8% in July.

The bellwether cities don’t look much better than lower tier jobs. Shanghai new home prices were up 1.5% versus July’s 4.1% and Beijing’s new home prices were up 2.1% versus July’s 4.0%.

It’s awwn, baby.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.