House prices in China continue to fall as investors shift focus from the property market into equities.
China's National Bureau of Statistics said its property prices index for November showed that new home prices fell 3.7 per cent from a year ago, the third straight annual decline following readings of -2.6 per cent in October and -1.3 per cent in September.
On the a monthly basis prices fell by an average 0.5 per cent.
Annual prices had been rising as much as 9.6 per cent at the start of this year but they've cooled since then as the economy slows and many mid-sized Chinese cities suffer from a glut of apartments.
China's property companies have been escalating promotional efforts and cutting prices in a bid to maintain sales volumes.
Meanwhile, in recent months mainland investors have been rapidly owning equity trading accounts and putting money into the stock market. The Shanghai Composite has become the region's best performing index, rising nearly 45 per cent year to date.