In a recent report by the National Bureau of Statistics (NBS), it was revealed that new home prices in China experienced a significant drop of 0.7% in May compared to April, marking the largest monthly decline in nearly a decade. This decline comes despite the Chinese government's efforts to revive the real estate market through various measures.
According to analysts, the real estate rescue package introduced by Beijing may take some time to show its full effect on the market. Measures such as providing cheap loans to state-owned enterprises for purchasing unsold homes from struggling developers are expected to have a gradual impact.
