China’s home sales extended their slump in August even as prices declined and the country’s two biggest cities rolled out additional stimulus measures.
The value of new home sales from the 100 largest property companies stood at 207 billion yuan ($29 billion), according to preliminary data from China Real Estate Information Corp. on Sunday. That’s a 17.6% drop from a year earlier, and followed a 24% slump in July. Sales have fallen for six straight months.