China June new home prices fall at fastest pace in 9 years

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China June new home prices fall at fastest pace in 9 years

BEIJING (Reuters) – China’s new home prices fell at the fastest pace in around nine years in June, official data showed on Monday, with the battered sector struggling to find a bottom despite government support measures to control oversupply and bolster confidence.

New home prices were down 4.5% from a year earlier, hitting the lowest since June 2015, deeper than a 3.9% slide in May, according to Reuters calculations based on National Bureau of Statistics (NBS) data.

Prices were down 0.7% month-on-month in June after a 0.7% dip in May.

The property sector ******** a major drag on the $18 trillion economy after dipping into crisis since 2021.

Authorities have rolled out a flurry of support measures, including cutting home buying costs in major cities and allowing local governments to buy some unsold apartments and turn them into affordable housing.

(Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Jacqueline Wong)

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