'China Housing Market Sees Steep Decline in Home Prices Despite New Rescue Efforts'

Money | July 14, 2024, 10:13 p.m.

The article highlights the continued decline in China's home prices in June, posing a significant challenge for policymakers aiming to revive the struggling property market. New-home prices fell by 0.67%, following a 0.71% decrease in May, marking the biggest drop since October 2014. Additionally, existing home values decreased by 0.85%, compared to a 1% drop in the previous month. The slump in the property market is not only impacting developers but also has wide-reaching effects on the economy. The data underscores the urgent need for effective measures to stabilize home prices and stimulate growth in the real estate sector. With prices continuing to fall, policymakers face a tough task in finding solutions to reverse the trend and support the housing market.