China Home Prices Fall at Faster Pace Despite Revival Efforts
- Month-on-month declines in April were steepest in a decade
- Government is seeking to address excess housing inventories
From a year earlier, new-home prices fell 3.51% in April, steeper than March’s 2.7% drop, the statistics bureau said.
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China’s home prices fell at a faster pace in April, underscoring why the government is stepping up efforts to tackle the years-long property crisis.
New-home prices in 70 cities, excluding state-subsidized housing, slid 0.58% from March, National Bureau of Statistics figures showed Friday. Values of existing homes dropped 0.94%. Both were the steepest declines in a decade.