After decades of increasing prices, China’s property market looks like it is heading in the other direction. The price of new homes in 79 of China’s large and medium-sized cities fell in October, with Hangzhou hit the hardest. The Zhejiang city saw prices decline by over 9 percent.
Sixty-seven large and medium-sized cities saw prices drop from the year before, while prices rose in only three cities.
The secondary market wasn’t much better. Prices of second-hand real estate dropped in 65 out of 70 large and medium-sized cities, rose in four, and remained the same in another.