Fewer homes are being sold in China as developers show a reluctance to lower prices beyond what they were selling at just a few months ago, Bloomberg reported. The inventory of unsold new homes in 20 large cities jumped to an average of more than 23 months of sales in June, according to Shenzhen World Union Properties Consultancy data compiled by Bloomberg News. The worsening glut would extend a slide in construction that has already put a drag on the economy, and counter policymakers’ efforts to stimulate the real-estate industry with loosened rules.
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