China's new home prices drop in 80% of major cities

The latest data from China shows that prices of new homes dropped in 80 percent of major cities in October.
This indicates the real estate market slump continues to spread despite the central government's measures to prop up the economy.

The National Bureau of Statistics says prices fell in 56 out of the 70 cities. The number is up by two from September. Prices rose in 11 cities and remained flat in three.

The government has introduced measures such as easing mortgage-related regulations since summer.
But analysts say the effects are limited.

China's real estate sector, including related industries, is said to account for about a quarter of the country's GDP. The slump in the market is affecting the economy as a whole.