China home price drop spreads

New-home prices fell 0.7% from August in Beijing and 0.9% in Shanghai, according to the government

China's new-home prices fell in all but one city monitored by the government last month as the easing of property curbs failed to stem a market downturn amid tight credit. Prices dropped in 69 of the 70 cities in September from August, the National Bureau of Statistics said in a statement on Friday, the most since January 2011. New-home prices fell 0.7 per cent from August in Beijing and 0.9 per cent in Shanghai, according to the government.