China’s home prices fell more steeply in September, despite recent easing measures introduced by major cities to revive the struggling property market.

China's new home prices fell at the fastest pace in 11 months in September, worsening the property sector's drag on broader economic growth as policymakers struggle to revive the flailing market.Persistent property market weakness is weighing on consumer confidence and sapping household spending,

China’s struggling housing sector will see a sharper downturn this year than previously thought, marking the fifth consecutive year of decline and pushing back any hopes for recovery, according to a report released Thursday by S&P Global Ratings.

High inventories, economic uncertainty lead to sceptical stance of homebuyers across 70 major cities in China.

“The plenum holds very important discussions, and the five-year plans give important direction and targets for the Chinese economy,” Jacques said. Over the past few years, China’s GDP has exceeded 110 trillion yuan ($15.4 trillion) and is projected to reach around 140 trillion yuan by the end of the current fiscal year.

(Yicai) Oct. 16 -- Hainan province’s real estate market is gaining momentum ahead of the customs close-off in December, when China’s southernmost province will begin island-wide independent customs operations under the Hainan Free Trade Port and roll out a raft of tax incentives and preferential policies to spur trade and investment.