China home prices fall in July

Chinese house prices fell in July, data showed on Wednesday, extending their decline this year as a post-COVID economic recovery in the country slowed further and as several major property developers flagged slowing sales.

Chinese house prices fell in July, data showed on Wednesday, extending their decline this year as a post-COVID economic recovery in the country slowed further and as several major property developers flagged slowing sales.

House prices fell 0.1% in July from the prior year, data from the National Bureau of Statistics showed. They slid 0.2% from June, according to Bloomberg calculations.

The data highlights increasing pressure on the property market, as major developers struggle with slowing sales, declining profits, and a severe cash crunch.

The property sector has been on a nearly three-year decline following a string of high-profile defaults, and as Chinese economic conditions worsened due to the COVID-19 pandemic.

While Chinese officials have announced a string of supportive measures for the sector - most recently an unexpected interest rate cut by the People’s Bank on Tuesday - investors and home buyers have remained largely wary of the space.