China’s new-home prices fell in all but two cities monitored by the government last month as tight credit prolonged a market downturn even as local home-purchase restrictions were eased. Prices dropped in 68 of the 70 cities in August from July, the National Bureau of Statistics said in a statement today, the most since January 2011 when the government changed the way it compiles the data. Home sales slumped 11 percent in the first eight months of this year amid an economic slowdown after banks tightened property lending to curb default risks. While 37 of the 46 cities that imposed limits on home ownership since 2010 ... (full story)