China July new house prices down 0.9% y/y (down 0.5% prior)

For new homes there were price falls m/m in 40 of 70 major cities (following drops in 38 of them in June),

Existing home prices fell in 51 cities m/m (48 in June).

China's property sector is seeing a debt-fuelled implosion in activity.

Stimulus news from the People's Bank of China earlier:

• Rate cuts from the PBOC: 1-Year MLF loans rate to 2.75% from 2.85%, repo rate cut also