China is trying to rescue its property market. Prices are still plunging | CNN Business

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Hong Kong CNN  — 

Prices of new homes in China suffered their biggest fall in nearly a decade last month, in a sign that Beijing’s “historic” real estate rescue has not yet revived demand.

Prices in 70 major cities were down 0.7% in May from April, National Bureau of Statistics (NBS) figures showed on Monday. That’s the steepest month-on-month drop since October 2014,

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