China’s property slump this year is looking much worse than expected, S&P says

>* The analysts forecast sales of new homes will drop by 8% from last year to between 8.8 trillion yuan and 9 trillion yuan ($1.23 trillion to $1.26 trillion).

>* That’s a far steeper decline than the 3% drop the analysts had predicted in May.

>* “The government will need to continue to support the sector and demand help restore homebuyers’ confidence,” Edward Chan, director, corporate ratings, told CNBC.