Greater policy support needed to stabilize nation's property market

China's real estate market remains in a prolonged adjustment phase, visible in two key aspects. First, housing prices, the core indicator of the market, resumed their downward trend after a brief stabilization in the first quarter. Prices for both new and secondhand homes fell again in first-tier cities such as Guangzhou and Shenzhen in Guangdong province.

By the end of June, new home prices in 70 large and medium-sized cities had recorded month-on-month declines for 25 consecutive months, with 56 cities reporting a drop in June. Among first-tier cities, only Shanghai registered a price increase. Pressure on secondhand housing prices was even more pronounced.

Second, since May, both property sales and investments have posted year-on-year declines, while the secondhand housing market has shown clear signs of "trading volume at the expense of price".