China's home prices grow slowly in Sept.
According to the National Bureau of Statistics on Friday, compared to August, 21 out of 70 big Chinese cities saw a drop in new home prices, while 39 saw a price hike and 10 saw no changes.
On a yearly basis, new home prices increased in 12 cities and fell in the remaining 58. Meanwhile, existing home prices dropped in 18 cities in September, increased in 39 cities and was unchanged in 13 cities from a month ago.
Analysts say the month-on-month home prices continued to increase last month, but the growth rate slowed down compared to a month earlier. They added that conditions remain weak in smaller cities and a huge overhang of unsold houses is discouraging new investment and construction, dampening demand for materials from cement to steel.
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