China Home-Price Slump Accelerates Despite More Stimulus
- New-home values in May dropped the most in almost a decade
- Forceful efforts to support home sector haven’t revived demand
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China’s home prices fell at a faster pace in May, as the country’s most forceful efforts to support the property market took time to revive demand.
New-home prices in 70 cities, excluding state-subsidized housing, slid 0.71% from April, the most since October 2014, National Bureau of Statistics figures showed Monday. Values of existing homes dropped 1%, the sharpest decline since at least 2011 when China started using the current data collection method.