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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