New house price declines spread in China

Prices of new homes dropped in over 90 percent of major Chinese cities in April, as the property slump continues to spread through the country.

The National Bureau of Statistics said on Friday that prices fell in 64 of 70 large metropolises from the previous month.

That is an increase of seven from the March total. Prices rose in only six cities, including Shanghai.

Amid the protracted slump, the government has strengthened financial support for the real estate market.
The central bank has also cut a benchmark interest rate for home loans to attract buyers.