The drop points to deepening stress in the country’s property market, a sector long central to household wealth and broader economic activity.
China’s real estate market has fallen to its lowest price levels in at least two decades, marking a fresh sign of prolonged weakness in one of the country’s most important economic sectors. The move underscores persistent pressure on property values, which matter widely because housing has been a major store of household wealth and a key driver of construction, local government revenue and credit demand.