BEIJING (Reuters) – China’s new home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday, but a rescue package for the sector has brightened the outlook.

New home prices declined 0.3% month-on-month in October after easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data.

New home prices slid 1.6% year-on-year in October, falling for the sixth straight month. Prices declined 1.5% year-on-year in September.

Chinese regulators have outlined multiple financing measures to shore up the country’s struggling real estate sector, two sources said on Sunday.