The figures highlight Beijing’s struggle to contain the property downturn at a time when deflationary pressures are adding to the economic gloom. Efforts to spur domestic demand have done little to revive the housing market, endangering the government’s growth target and spurring economists to call for additional stimulus.
China’s home prices fell at a slightly faster pace in August, underscoring the waning effect of the latest housing rescue plan.
New-home prices in 70 cities, excluding state-subsidised housing, dropped 0.73% from July, following a 0.65% decline a month earlier, National Bureau of Statistics figures showed Saturday. Values of used homes fell 0.95%, compared with a 0.8% decline a month earlier.
