August 16, 2023
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China's new home prices fall in July amid Country Garden woes
There's more bad news for China's economy. Property prices for new homes fell by two-tenths of a percent between July and August, an indicator that the main engine of the world's second-largest national economy is stalling. Prices were down a tenth of a percent compared to a year earlier. The news comes just days after one of China's biggest property developers, Country Garden, told creditors that it had missed a debt payment, and halted domestic trading of its bonds. All of this adds to China's wider woes, with falling prices indicating weak demand that hasn't returned after the pandemic. That's contributed to rising youth unemployment, with millions of college graduates unable to find jobs in the faltering tech sector.
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