China's average new home prices fell at the fastest pace on record in February from a year earlier, raising concern about the health of the world's second-largest economy. Full Story: New home prices in China continue to fall - adding to deflation fears in the world's second-largest economy. Prices have been falling since September last year, but the drops are getting steeper, with February marking the biggest so far - down 5.7 percent year on year. Beijing has cut interest rates twice in recent months to try to boost the economy but it hasn't yet shown much effect. Still, the National Bureau of Statistics said the outlook for home sales in March was much brighter, giving a boost to the China property sub-index on Wednesday. The property sector makes up for some 15 percent of China's economic output and has a wide impact on everything from the steel sector to the furniture market. Overbuilding - which has littered the nation with ghost cities - and China's most sluggish econo... ( More) | 
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