China city prices drop for first time in a year

China’s month-on-month house prices have fallen for the first time in a year according to the country’s biggest property website owner.

Soufun Holdings Ltd said that prices fell by 0.03% across the 100 cities it tracks, with the average home price now standing at 8,877yuan ($1,396) per square metre.

However, prices are still 6.15% up on a year-on-year basis.

In the major cities Shanghai saw a 0.23% price drop from August, while Chongqing saw a 1.39% fall over the same period. Beijing, however, saw a 0.24% increase.

Source: OPP.org.uk