China Home Prices Drop at Faster Pace as Downturn Worsens
- Second month of declines adds to evidence of weaker market
- Government is trying to rekindle demand in housing sector
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China home prices dropped for a second month in July, a further sign of the deepening property downturn that’s weighing on the world’s second-largest economy.
New-home prices in 70 cities, excluding state-subsidized housing, fell 0.23% last month from June, when they slipped 0.06%, National Bureau of Statistics figures showed Wednesday. Prices slid 0.47% in the secondary market, according to the data.