China Home Sales Slump Drags on Despite Government Rescue

(Bloomberg) — China’s residential slump deepened in August, as expectations of a further drop in new-home prices hampered the country’s efforts to cushion the downturn. 

The value of new-home sales from the 100 biggest real estate companies fell about 26.8% from a year earlier to 251 billion yuan ($35.4 billion), faster than the 19.7% decline in July, according to preliminary data from China Real Estate Information Corp.