China Home Sales Slump Persists as Calls Grow for More Stimulus

China’s home sales extended their slump in June, putting further strain on the economy and underscoring the impetus for fresh support measures.

The value of new-home sales from the 100 largest property companies stood at 339 billion yuan ($47.3 billion), the latest preliminary data from China Real Estate Information Corp. on Monday showed. That represents a 23% fall from a year ago, according to Bloomberg calculations. June’s sales follows an 8.6% decline in May. On a monthly basis, however, the latest sales were up 14.7% from May, CRIC said.