China’s housing prices fell for the 11th consecutive month in May By Reuters

BEIJING (Reuters) – China’s new home prices fell for an eleventh month in May, official data showed on Monday, as the property industry struggled to find a foothold despite government efforts to curb overcrowding and support debt-laden developers.

Prices fell 0.7% month-on-month in May after falling 0.6% in April, according to Reuters figures based on National Bureau of Statistics (NBS) data.

On an annual basis, new home prices fell 3.9% from a year ago, compared with a 3.1% slide in April.

Authorities have stepped up measures to support the crisis-hit property sector, including easing 300 billion yuan ($41.35 billion) to clear large numbers of homes, reducing fees and easing mortgage regulations.

($1 = 7.2557 a lot)