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China new home prices fall in April

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The average price of new homes in 70 Chinese cities fell for the eighth consecutive month in April, down 6.1 per cent according to newly released data.

The fall in new home prices was unchanged from the previous month.

Previously, a separate survey showed the fall in Chinese house prices slowed in April, after authorities loosened mortgage and tax policies in a bid to boost the slumping market.

The average price of a new home in China's 100 major cities edged down 0.01 per cent month on month to 10,522 yuan ($A2144) per square metre, the China Index Academy said.

That marked a sharp slowdown in the decline from the 0.15 per cent fall recorded in March.

Home prices had declined for eight straight months until a slight increase of 0.21 per cent in January, previous CIA figures showed, before dropping again from February.

China’s central bank has moved to boost the troubled sector and give a boost to the slowing economy by cutting interest rates three times in the past six months.

In late March the People’s Bank of China also said it would lower minimum down payments on second homes from 60 to 70 per cent to 40 per cent.

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Average price of new homes falls for the eighth consecutive month in April.

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