China"s new home prices suffered their biggest month-on-month slump since February 2015 in November, as tighter policies and a liquidity crunch in the property sector hurt demand, official data showed on Wednesday. New home prices fell 0.3% month-on-month after easing 0.2% in October, according to Reuters" calculations of data released by the National Bureau of Statistics (NBS). They rose 3.0% in November from a year earlier after gaining 3.4% in October. China"s property sector has been grappling with tighter regulation this year, including curbs on banks lending and limits on how much property developers can borrow, and growing financial woes. Last week, China Evergrande Group (3333.HK) and another major developer Kaisa (1638.HK) missed payment deadlines on their offshore bonds, prompting Fitch to downgrade the companies to "restricted default" status. read more The country"s top leaders said "houses are for living in, not for speculation" during an agenda-setting meeting on Friday. They also pledged to promote the healthy development of the property market and better meet the reasonable demand of home buyers. read more In November, monthly prices rose in 9 of 70 cities, less than the 13 cities that reported price gains in October. Faced with property market woes and tighter regulation, at least six cities have introduced measures to boost home purchases since November, including providing subsidies or deed tax reductions, local media has reported. Unsold housing stock in China"s 100 biggest cities rose to the highest level in five years in November, according to a private sector survey last Friday. read more S&P ratings agency said in a recent note it expected the property downturn to persist on the back of credit tightening and restrictive policies in the sector, potentially leading to a 10% decline in nationwide residential sales next year. Reporting by Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa Our Standards: The Thomson Reuters Trust Principles.