The ongoing crisis plaguing China's once-booming housing sector is not showing signs of relenting, as the latest government data show that home prices in May fell even faster than the month before.New-home prices in 70 Chinese cities—excluding state-subsidized housing—fell by 0.71 percent in May compared to April, according to figures from China's National Bureau of Statistics reported by Bloomberg and released on Monday.
3 percent, while existing-home value plunged by an even deeper 7.5 percent.The numbers seem to signal that Beijing's recent move to rescue its struggling property sector is yet to make a significant change and turn things into a more positive direction.
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China keeps lending rate unchanged as data show housing market is still strugglingChina has kept a key lending rate unchanged despite signs of continued weakness in the second-largest economy's manufacturing and the property sectors. The central bank kept its rate for 1-year medium-term lending facility loans, used as a benchmark for other lending rates, at 2.5%. The government reported Monday that factory output fell 5.
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