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Property prices fall for eighth month

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Mainland home prices fell for the eighth month in a row last month, data from one of the country's largest property research firms shows.

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Year on year, prices fell for the first time last month by 0.71 per cent.

The average home price in the 100 cities tracked by China Index Academy declined 0.34 per cent last month from a month earlier to 8,711 yuan (HK$10,710) per square metre as the government continued its measures to stabilise home prices.

That was 0.04 of a percentage point higher than the decline in March. Seventy-one of the 100 cities recorded a month-on-month fall in flat prices last month.

Shenzhen had the largest slump in home prices, 0.8 per cent, among the mainland's 10 biggest cities.

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In Shanghai and Beijing, prices fell 0.7 per cent and 0.4 per cent respectively. Flat prices in 29 cities increased last month, in most cases by 0.5 per cent or less.

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