BEIJING – China’s home prices fell at a faster pace in April, underscoring why the government is stepping up efforts to tackle the years-long property crisis.
New-home prices in 70 cities, excluding state-subsidised housing, slid 0.58 per cent from March, data from the National Bureau of Statistics of China showed. Values of existing homes fell 0.94 per cent. Both were the steepest declines in a decade.
On the supply side, the government is considering a proposal to have the local authorities buy millions of unsold homes, in what would be one of the most ambitious attempts yet to salvage the market, Bloomberg reported this week.
www.straitstimes.com/business/china-home-prices-fall-at-faster-pace-despite-revival-efforts
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