Home prices fell faster in monthly and annual terms
Declines in property investment and sales worsened
More big stimulus policies are expected

BEIJING, June 17 Reuters China39;s new home prices fell at the fastest pace in more than 912 years in May, official data showed on Monday, with the property sector struggling to find a bottom despite government efforts to rein in oversupply and support debtladen developers.

Prices were down 0.7 in May from the previous month, marking the 11th straight monthonmonth decline and steepest drop since October 2014, according to Reuters calculations based on National Bureau of Statistics NBS data.

In annual terms, new home prices were down 3.9 from a year earlier, compared with a 3.1 slide in April.

China39;s indebted property sector, once a key engine of the country39;s economic growth, has been hit by several crises since mid2021, including developers defaulting on debt and stalling construction on presold housing projects.

Authorities have stepped up measures to prop up the crisishit property sector including facilitating 300 billion yuan 41.35 billion to clear massive housing inventory, cutting down payments and easing mortgage rules.

But analysts believe these moves will do little to absorb the massive housing inventory, and the lifting of home purchase restrictions in major cities might further dampen buying sentiment in smaller cities.

New home prices fell last month in nearly all 70 of the cities surveyed by the NBS….