China Housing Prices Fall for 10th Month as Property Crisis Deepens

(Bloomberg) — Chinese’s property prices fell for a 10th month in June, underscoring how government relief efforts are failing to curb the country’s spiraling real estate crisis.

New home prices in 70 cities, excluding state-subsidized housing, slipped 0.1% from May, when they sank 0.17%, National Bureau of Statistics figures showed Friday. 

China’s $2.4 trillion real estate market is showing few signs of recovery. Contagion is spreading to the financial system amid reports that a rapidly growing number of homebuyers are refusing to pay mortgages for incomplete apartments. That’s alarmed investors, sinking property bonds and Chinese bank shares.