China Home Prices Slump After Covid Outbreaks Stifle Rescue

(Bloomberg) — China’s home prices fell for a 16th month in December, as widespread Covid outbreaks complicated efforts to rescue the slumping property market.

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.25% from a month earlier, the same pace as November, National Bureau of Statistics figures showed Monday. For the full year, prices dropped 2.3%, according to Bloomberg calculations.