BEIJING (Reuters) – China’s new home prices fell for the eleventh straight month in May, official data showed on Monday, as the property sector struggles to find a bottom despite government efforts to rein in oversupply and support debt-laden developers.
Prices were down 0.7% month-on-month in May after a 0.6% dip in April, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
In annual terms, new home prices were down 3.9% from a year earlier, compared with a 3.1% slide in April.
Authorities have stepped up measures to prop up the crisis-hit property sector including facilitating 300 billion yuan ($41.35 billion) to clear massive housing inventory, cutting down payments and easing mortgage rules.
($1 = 7.2557 Chinese yuan renminbi)
(Reporting by Ella Cao, Liangping Gao and Ryan Woo; Editing by Kim Coghill)
