China’s new home prices fall 5.1%

January home prices in China fell at a record pace of 5.1% in 69 of the country’s 70 cities, reports cnbc.com.

February 17, 2015 | Last updated on February 17, 2015

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January home prices in China fell at a record pace of 5.1% in 69 of the country’s 70 cities, reports cnbc.com.

The year-over-year drop is due to tepid demand, and follows a 4.3% decline in December 2014.

Beijing and Shanghai had the steepest price falls at 3.2% and 4.2%, respectively.

IMF upgrades its forecast for China’s economy