New home prices in China in July fall slightly after buyer stops paying mortgage

China’s National Bureau of Statistics (NBS) has announced that new home prices in China remained stable for the second month in a row in July as homebuyers boycotted mortgages. China is in crisis after housing construction fails to complete as promised. Even though the government will continue to take continuous stimulus measures

The report said new home prices fell 0.9% in July from a year earlier, the fastest decline since September 2015, after falling 0.5% in June.

China’s real estate market, which accounts for about a quarter of its gross domestic product (GDP), has been struggling with buyers across the country stopping their mortgage payments last month.

Due to the enforcement of COVID-19 containment measures, aggravations and debt problems of real estate developers have delayed the construction of houses and caused the suspension of many construction projects.

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