Overview

• A government gauge of new-home prices in 70 major cities fell 0.3% in June from May and declined 3.2% year-on-year, marking the steepest monthly drop since October 2024.
• First-tier markets in Beijing, Shenzhen and Guangzhou led the slide with prices down 0.3%, while Shanghai bucked the trend with relative stability.
• China Vanke warned of a 10–12 billion yuan first-half net loss as lower project deliveries weigh on developer finances.
• Mainland property stocks dipped on the Hong Kong exchange, with Longfor Group off 3.3% and China Resources Land down 2.5%.
• Analysts say the worsening downturn threatens consumer confidence and economic growth, intensifying pressure for stronger government intervention.