China New-Home Prices Drop at Faster Pace as Downturn Worsens

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The declines offer no relief to developers like Country Garden, which faces a potential default after missing bond payments this month. Photo: Bloomberg

(Bloomberg) — China home prices dropped for a second month in July, a further sign of the deepening property downturn that’s weighing on the world’s second-largest economy.

New-home prices in 70 cities, excluding state-subsidized housing, fell 0.23% last month from June, when they slipped 0.06%, National Bureau of Statistics figures showed Wednesday. Prices slid 0.47% in the secondary market, according to the data.

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