01 Dec '11, 9pm

China's November home prices in biggest drop this year: The CREIS survey, conducted monthly with online real-est...

SHANGHAI - Housing prices in 100 major cities in China dropped on a monthly basis for a third consecutive month in November and posted their biggest month-on-month decline this year, according to the privately compiled China Real Estate Index System (CREIS). The decline provides further evidence that the government's two-year tightening campaign is cooling the property market amid signals it is now trying to slow the decline and its impact on the rest of the economy. The data came after the People's Bank of China (PBOC) said on Wednesday it would cut banks' reserve-requirement ratio by half a percentage point to 21 per cent, indicating Beijing has shifted its priority to supporting economic growth from combating inflation. But the PBOC move is meant to ease the liquidity situation for the overall economy and is not aimed at the property sector, the official People's Daily ...

Full article: http://www.todayonline.com/Business/Property/EDC111202-00...

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