China's House Prices Fall

China's house prices fell in October with 33 of the 70 cities monitored by the government reporting price declines from the previous month, according to the latest data released by the National Bureau of Statistics on Friday.
According to reports, the monthly drop in prices was the first this year. This suggests that the government's efforts to cool property market are taking effect. Annual house prices inflation slowed to nearly 3 percent in October, reports said.
The steepest monthly decline in home prices was recorded by Wenzhou, where costs of newly built homes fell 4.6 percent from September.