China's Property Market Continues to Struggle Despite Government Interventions

House prices experience steepest drop since 2015, with major property developers on the brink of collapse.

House prices in China fell nearly 0.4% last month, the steepest drop since February 2015, indicating that the country's property market is still struggling despite government interventions.
Private ownership of property makes up a quarter of China's total Gross Domestic Product and nearly 70% of all household wealth, meaning the slump in home prices has been a major drag on the economy.
The situation has been worsened by a seemingly never-ending debt crisis that's left two of the country's biggest property developers, Evergrande and Country Garden, on the brink of collapse.
Despite Beijing's efforts to arrest declines by slashing down-payment requirements and permitting lenders to cut mortgage rates, the property market continues to struggle.
Analysts predict that house prices are expected to continue to fall in the traditionally low season of November and December.