China's 70-city property price index showed that prices continued to decline. From the peak, new home prices are now down -10.7%, while used home prices are down -18.8%. New home prices slid by -0.31% month on month, a little steeper than the -0.27% MoM decline in June, for a fourth consecutive month of steep declines. Used home prices fell -0.55% MoM, a slightly smaller drop compared to the -0.61% MoM slide in June. Neither number is likely to inspire much optimism. The breakdown at the city level showed widespread weakness. Only 10 of 70 cities saw new home prices stabilise or pick up, the lowest number in nine ... (full story)