Beijing, June 17, 2024: China's new-home prices experienced the most significant decline in seven months during May, according to recent data. The National Bureau of Statistics reported a 0.22% drop in new-home prices across 70 cities, excluding state-subsidized housing, compared to a 0.12% decrease in April.
The data also revealed a sharp decline in used home values, falling by 0.5%, which represents the steepest drop in eight months. These figures highlight ongoing challenges within the Chinese property market.
This downturn has prompted renewed pledges from senior government officials to revitalize the real estate sector. The situation underscores the importance of the property market to the overall Chinese economy.