China new home prices down in May

BEIJING: China’s average home prices fell for the first time in two years in May and price weakness spread to more major cities, adding to signs of cooling in the property market which are posing a growing risk to the broader economy.

The 0.2% monthly price drop in May, though slight, follows data last week that showed growth in property investment slowed while property sales and new construction tumbled, compounding the challenges for leaders in Beijing as they deal with an economic growth slowdown.