China property sales drop 17.6% in August, housing slump hits sixth straight month | investingLive

China’s property downturn deepened in August, with both sales and prices continuing to fall despite new support measures in major cities.

Data from China Real Estate Information Corp. released on Sunday showed new home sales among the top 100 developers totaled 207 billion yuan ($29 billion), down 17.6% from a year earlier and extending a six-month decline.

• This followed a 24% drop in July.

The slump, now in its fifth year, has worsened since the second quarter as falling prices highlight the fading impact of last year’s stimulus push and raise fears of deflation. Beijing and Shanghai relaxed some home-buying restrictions in August, though analysts judged the moves only mildly supportive. Authorities may roll out more measures in September, including faster urban renewal projects, according to local media.

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Also from China over the weekend:

And, to come later today: