FAST FIVE: China Home Prices Drop For The First Time Since 2015 As Existing Home Sales Crash 63%
Overnight, China's National Bureau of Statistics reported that China's home prices fell for the first time in six years as the property slump deepens in the world's second-largest economy.
Property prices in tier 1 cities rose 1.3% mom annualized in September after seasonal adjustments, moderating from 3.2% in August.
That said, Goldman warns that the policy direction of deleveraging the property sector is unlikely to shift, which could continue to weigh on overall growth next year.
That will have a knock-on effect on the broader economy, since Goldman Sachs Group Inc.
estimates the property sector and related downstream industries make up almost a quarter of gross domestic product.