China's housing slump deepens as prices continue to slide

The news: House prices in China fell for a fourth straight month in October, and at a rate not seen in eight years, new data shows.

The numbers: Prices for new homes in 70 cities fell 0.38% as conditions worsened after sliding 0.3% in September, according to China's national statistics bureau. It was the steepest rate of decline since February 2015. Prices also dropped in the secondary market, with old homes losing 0.58%, the sharpest decline since October 2014.

The context: The figures underscore concerns about China's slumping property market and raise doubts about the efficacy of Beijing's efforts to stabilise the sector, which is estimated to be worth roughly a quarter of the national economy. The property crisis has hit most of China's developers, which have struggled to repay debts and finish projects in the wake of a credit crunch that emerged three years ago, according to Bloomberg.