Sep 16, 2022 05:30 PM

ECONOMY

China’s Housing Prices Slump for a Year as Crisis Drags On

A man walks past the China Evergrande Group Royal Peak residential development under construction in Beijing on July 29. Photo: Bloomberg

A man walks past the China Evergrande Group Royal Peak residential development under construction in Beijing on July 29. Photo: Bloomberg

(Bloomberg) — 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.

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.

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