China’s Home Prices Fall for Ninth Month as Demand Stays Weak

(Bloomberg) — China’s home prices fell for a ninth month in May, signaling demand remains weak despite increased government support for the slumping property market. 

New home prices in 70 cities, excluding state-subsidized housing, dropped 0.17% last month from April, when they slid 0.3%, National Bureau of Statistics figures showed Thursday. 

The figures suggest that China’s real estate sector is far from a rebound amid a worsening job crisis and weak economic recovery. Chinese households have turned to hoarding cash this year, a sign that people are bracing for tougher times even as some cities emerge from crippling Covid lockdowns.