China's home prices see biggest fall in 7 years

STORY: Source: NBS data

China's new home prices slumped 1.6% year-on-year in October after falling 1.5% in September

That’s the biggest annual drop since August 2015 and the sixth month of contraction

China’s property sector has been struggling with defaults and stalled projects since mid-2020

when authorities started to clamp down on excessive leverage

COVID-19 curbs have also been weighing down the market

Authorities have ramped up support for the sector in recent days

A rescue package, including loan repayment extensions, was outlined on November 13

And a banking regulator said it would allow developers to access some pre-sale funds

But analysts worry the support measures aren't targeting weakening demand