China is trying to rescue its property market. Prices are still plunging

Prices of new homes in China suffered their biggest fall in nearly a decade last month, in a sign that Beijing’s “historic” real estate rescue has not yet revived demand. Prices in 70 major cities were down 0.7% in May from April, National Bureau of Statistics (NBS) figures showed on Monday. That’s the steepest month-on-month drop since October 2014, according to Reuters calculation. According to