China June new home prices fall at fastest pace in 9 years
2024.07.14 22:06
BEIJING (Reuters) – China’s new home prices fell at the fastest pace in around nine years in June, official data showed on Monday, with the battered sector struggling to find a bottom despite government support measures to control oversupply and bolster confidence.
New home prices were down 4.5% from a year earlier, hitting the lowest since June 2015, deeper than a 3.9% slide in May, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Prices were down 0.7% month-on-month in June after a 0.7% dip in May.
The property sector remains a major drag on the $18 trillion economy after dipping into crisis since 2021.
Authorities have rolled out a flurry of support measures, including cutting home buying costs in major cities and allowing local governments to buy some unsold apartments and turn them into affordable housing.
