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China's new home prices have experienced a significant decline, with June 2024 marking the steepest drop in nine years—a 4.5% year-on-year fall, the largest since June 2015. Despite multiple government interventions, the property market remains under pressure, with prices continuing to fall for several months in a row, signaling an extended downturn. The Chinese government has introduced several strategies to stabilize the market, including: 👉 Urging local governments to purchase unsold homes and convert them into affordable housing. 👉 Providing loans through the People's Bank of China (PBOC) to support these purchases, with 300 billion yuan ($41.5 billion) allocated for this purpose. 👉 Adjusting mortgage rates, lowering down-payment requirements, and easing other purchasing rules to boost demand.