China Real Estate Bubble Continues To Deflate

BEIJING -- China's new home prices fell in July from June for a third straight month and price softness spread to more major cities, underlining a worsening property downturn despite efforts by many local governments to shore up the sector. "The uncertainties on the outlook of the property market have kept potential home buyers standing on the sidelines," said Liu Jianwei, a senior statistician at the National Bureau of Statistics (NBS), said in a statement accompanying the data.