China’s Home Price Slump Eases After Government Rescue Efforts
- Country’s new-home price decrease narrowed in July to 0.65%
- Drop in value of existing homes also eased to 0.8% last month
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China’s home-price downturn abated in July, a sign that the government’s most forceful effort to revive the market is beginning to take hold.
New-home prices in 70 cities, excluding state-subsidized housing, fell 0.65% in July, narrowing from a 0.67% decline a month earlier, according to the National Bureau of Statistics on Thursday. Values of existing homes dropped 0.8%, compared with a 0.85% slide a month earlier.