CHINA NEW HOME PRICES FALL AT FASTEST CLIP IN NEARLY 10 YEARS
NEWS Desk Global
China's new home prices fell at the fastest pace in more than 9-1/2 years in May, official data showed on Monday, with the property sector struggling to find a bottom despite government efforts to rein in oversupply and support debt-laden developers.
Prices were down 0.7% in May from the previous month, marking the 11th straight month-on-month decline and steepest drop since October 2014. In annual terms, new home prices were down 3.9% from a year earlier, compared with a 3.1% slide in April. China's indebted property sector, once a key engine of the country's economic growth, has been hit by several crises since mid-2021, including developers defaulting on debt and stalling construction on pre-sold housing projects.
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