Jul 15, 2024 03:53 PM

ECONOMY

China’s Home Price Drop Highlights Challenges

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Residents play cards in March 2023 outside an apartment block in Hegang, Northeast China’s Heilongjiang province. Photo: Bloomberg

Residents play cards in March 2023 outside an apartment block in Hegang, Northeast China’s Heilongjiang province. Photo: Bloomberg

(Bloomberg) — China’s home prices fell again in June, underscoring the challenge for policymakers to halt the property market slump that’s hurting developers and the economy.

New-home prices in 70 cities, excluding state-subsidized housing, dropped 0.67% from May, when they slid 0.71%, the most since October 2014, National Bureau of Statistics figures showed Monday. Values of existing homes declined 0.85%, compared with a 1% decrease a month earlier.

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