China's new home prices in Oct fell by the most since February 2015

FILE PHOTO: Apartment blocks are pictured in Beijing, China December 16, 2017. REUTERS/Jason Lee

BEIJING (Reuters) – China’s October new home prices fell 0.2% month-on-month, the biggest decline since February 2015, amid continued demand weakness across the country with authorities holding the line on purchase restrictions to deter speculators.

New home prices rose 3.4% year-on-year in October, slower than the growth of 3.8% in September, according to Reuters calculations of data released by the National Bureau of Statistics (NBS) on Monday.

Sentiment in China’s property market, which accounts for a quarter of gross domestic product by some metrics, has been rocked by concerns about major property developers grappling with massive debts.

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