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BEIJING (Reuters) – China’s new home prices fell at the fastest pace in more than nine years in August, official data showed on Saturday, as supportive measures failed to spur a meaningful recovery in the property sector.
New home prices were down 5.3% from a year earlier, the fastest pace since May 2015, compared with a 4.9% slide in July, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
In monthly terms, new home prices fell for the fourteenth straight month, down 0.7%, matching a dip in July.
Despite Beijing’s extensive supportive measures aimed mostly at revitalising demand in major cities, property markets continue to remain subdued.
China may cut interest rates on over $5 trillion in outstanding mortgages as early as this month, according to Bloomberg News.
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https://www.investing.com/news/economy-news/china-new-home-prices-fall-at-fastest-pace-in-over-9-years-in-august-3616418
Reuters
