New home sales by China's top 100 real estate companies fell 41.6% from January to June compared with the same period last year.
 "China's new home prices grow at slowest rate in five months in June: survey")
New home sales from China's top 100 real estate companies fell 41.6% year-on-year from January to June. (Image: Shutterstock) Reuters
China's new home prices rose to their slowest in five months in June, a private survey showed on Monday, as the government's latest massive bailout of the struggling property industry has so far had only limited impact.
Data from the China Index Research Institute, a real estate research firm, showed the average price of new homes in 100 cities rose 0.15 percent in June from the previous month, weaker than the 0.25 percent increase in May.
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The top 100 real estate companies in China also announced that new home sales in the first half of the year fell 41.6% compared to the same period last year.
Chinese authorities in May announced a historic bailout package for the real estate industry, which has been hit hard by a liquidity crunch since 2021, with many companies defaulting on their loans.
The policy further reduced down payment requirements and removed the minimum mortgage interest rate. Local governments can also instruct state-owned enterprises (SOEs) to buy completed but unsold apartments from property developers and convert them into public housing.
According to data from the China Index Academy, the average price of second-hand homes in 100 cities fell 0.73% from the previous month in June, marking the 26th consecutive month of decline.
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