Home prices fall 3.7% in November in largest drop since 2011

The prices of new homes in China dropped again in November, showing a deepening slump in the property market, Reuters reported. A survey of 70 major cities revealed that average home prices fell 3.7% last month following a 2.6% fall in October, the largest drop since 2011. Adding to the devastation, a survey of 2,000 companies conducted by China Beige Book announced Thursday a 26% drop in intentions to invest in real estate during the fourth quarter. Yu Liang, president of real estate developer China Vanke (2202.HKG, 000002.SHE, 200002.SHE), said during the weekend that China now faced a housing glut that would take 13 months to clear.