Home prices continue their decline in cities
China’s home prices continued a downward trend in more cities in June.
New home prices in 55 of a sample of 70 major cities showed month-on-month drops in June, compared with 35 in May, the National Bureau of Statistics (NBS) said in a statement.
Only eight cities, including Beijing, saw month-on-month gains, down from 15 in May.
However, on a year-on-year basis, new home prices in most cities are still higher than a year ago.
e slowdown in the property market came amid subdued strength in the broader economy, bringing challenges to policymakers as the housing market has been an important growth engine for China. (Photo 2)