China's Property Market Continues to Struggle Despite Support Measures

China's new home prices continued to decline for an eighth consecutive month in February, with prices falling 0.3% month-on-month and 1.4% year-on-year, despite government measures to support the property market. The ongoing price declines are attributed to a slow season and disruptions caused by the Lunar New Year break. Analysts expect demand, home buyers' income, and confidence to take time to recover, and further supportive policies may be needed to stabilize the property sector. Premier Li Qiang has vowed to stabilize the property sector with targeted measures and financing for "justified" projects.