China home price survey shows wider fall amid Country Garden woes

• The decline of new residential sale prices widened across China in July, a fresh survey by the National Bureau of Statistics shows.
• Prices of newly built residences dropped in July on a month-to-month basis in 49 cities, an increase of 11 from June, the statistics bureau said on Wednesday. Price falls continued in big cities such as Guangzhou and Shenzhen in July.
• Overall, the simple average of new home prices in the 70 cities sagged for the second month in a row, dipping 0.2% after a decline of less than 0.1% in June.
• Prices of existing homes, meanwhile, dropped in 63 cities, or 90% of the 70 cities surveyed in July, the same level as June.
• A survey conducted by the People’s Bank of China in the April-June period found that consumers foresee home prices dropping in the coming three months, outnumbered by those expecting increases. This suggests that the assumption that condo prices would keep rising – once unquestioned – has collapsed.

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