China's housing prices have experienced a more rapid decline than initially predicted as the economic downturn continues to deepen. In July, housing prices recorded a second consecutive month of decline in 70 cities, excluding state-subsidized housing. The prices of new houses dropped by 0.23%, while the secondary market saw a larger decrease of 0.47%. These declining prices further exacerbate the challenges faced by developers such as Country Garden Holdings Co., as they confront potential defaults after recently defaulting on their bonds.
