Chinese real estate prices fall to lowest levels in at least 20 years

China's real estate market has reportedly fallen to its lowest price levels in at least two decades, extending the prolonged downturn in the country's property sector.
Property weakness has broad implications for China's economy because housing is closely connected to household wealth, construction activity, developer finances, local-government revenue and credit conditions.
Further price declines could reinforce pressure on domestic demand, while stabilization would likely require improvements in buyer confidence, financing conditions and housing inventories.