China’s Home Prices Fall Faster as Officials Pledge Support

China’s new-home prices fell the most in seven months in May, underscoring why senior government officials are renewing pledges to revive the property market.

New-home prices in 70 cities, excluding state-subsidized housing, dropped 0.22% from April, when they slid 0.12%, National Bureau of Statistics figures showed Monday. Values of used homes fell 0.5%, the sharpest decline in eight months.