Downturn shakes realty foundations

Among 70 major cities in China, 64 recorded month-on-month price declines for new homes in July, up from 55 in June. And beyond expectations, all major cities saw housing prices decline last month, the National Bureau of Statistics said on Monday.

July also marked the third consecutive monthly decline in property prices, which took place against the backdrop of easing by many cities on purchases and financing conditions.

There were only two cities - Xiamen in Fujian province and Dali in Yunnan province - where prices of new homes rose month-on-month, compared with eight cities in June and 15 in May, according to the NBS data.