New home prices fall at fastest pace in 10 years in China

China's new home prices fell at the fastest pace in nearly 10 years in May, official data showed. Prices were down 0.7% in May from the previous month, marking the 11th straight month-on-month decline and the steepest drop since October 2014, Reuters reported. China's property sector is struggling despite government efforts to limit oversupply and support debt-laden developers.