More steps to boost mood as home prices fall

Home prices in major Chinese cities have continued to cool down in August with more cities reporting negative growth since last month. More support measures are in the pipeline for boosting market sentiment, and more efforts are required to promote the sector's stable and healthy development, said the National Bureau of Statistics spokesman on Friday.

In August, 50 out of 70 surveyed cities saw new home sales prices drop month-on-month, 10 more from July, data from the National Bureau of Statistics showed.

Compared to the same period last year, new home prices in the 70 Chinese cities either grew at a slower pace or declined in August. The number of cities reporting a year-on-year price dip mounted to 49, one more from that of July.