China’s home prices fell for a 12th month in August, underscoring how a revival of the country’s real estate market could take much longer despite a flurry of government support policies, reports Bloomberg.
New-home prices in 70 cities, excluding state-subsidized housing, dropped 0.29% last month from July, when they fell 0.11%, National Bureau of Statistics figures showed Friday.
China’s $2.4 trillion new-home market is showing little signs of recovery, adding to the drag on growth in the world’s second-largest economy. Economists have been lowering projections for this year’s gross domestic product and now forecast a 3.5% expansion, less than the government’s 5.5% target.
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