Reported about 2 months ago
China's new home prices declined 4.9% year-on-year in July, marking the steepest drop since 2015, as stimulus measures failed to restore confidence in the property market. This ongoing slump has raised concerns about the feasibility of Beijing's ambitious 5% GDP growth target for 2024. Efforts to support the sector, such as reducing mortgage rates, appear limited in their effectiveness due to broader economic challenges. Analysts indicate that more robust policy interventions will be necessary to stabilize the housing market.
Source: YAHOO