China Home Sales Slump Drags on Despite Latest Rescue Effort

(Bloomberg) — China’s residential real estate slump deepened again in July despite the country’s most forceful efforts yet to support the property market.

The value of new-home sales from the 100 biggest real estate companies slumped 19.7% from a year earlier to about 279 billion yuan ($38.6 billion), faster than the 17% decline in June, according to preliminary data from China Real Estate Information Corp. Transactions dropped 36.4% from June, after showing a notable increase in April and May.