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New apartment prices in China fall for first time in six years

Beijing: Prices for new flats in China have fallen for the first time in six years, according to figures released by the National Bureau of Statistics on Wednesday. The figures show that prices in 70 cities across the country fell by an average of 0.08% on-month in September. Property markets in China have been booming in recent years, and this is the first decline since April 2015. The figures also show a drop of 0.19% in the prices paid for existing flats in September. The Chinese property market is in turmoil due to the ongoing financial crisis hitting the Evergrande Group, which is increasingly spreading to the industry as a whole and has caused other real estate companies to stumble. (dpa)

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