New home prices in 70 major Chinese cities stabilized in August by falling at the same rate as July, as Beijing stepped up efforts to support the nation’s property market.
Average new home prices in the 70 cities fell 0.1% in August from July, the same pace of decline as July, according to calculations by The Wall Street Journal, based on data released by the National Statistics Bureau on Friday.
Of the 70 cities, 39 reported declines in home prices in August, down from 40 cities in July.
Compared with a year earlier, average home prices dropped 0.65% in August, compared with a 0.64% decline in July, according to the calculations.
There were 44 cities reporting home-price declines from a year earlier, the same number as July.
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