China-based real estate developer Vanke's Chairman Yu Liang said

China-based real estate developer Vanke's Chairman Yu Liang said the country's home market is currently worse than expected.  Liang backtracked from his neutral assessment in March and said the property industry is facing pressure in the short term.  According to data from China Real Estate Information Corp., the value of new home sales by the 100 largest real estate developers returned to YoY declines in June after seeing a four-month recovery.  JPMorgan Chase & Co.'s analysts recently wrote that China would relax home-buying restrictions and down-payment requirements in non-core areas.  Yu emphasized that there is still a strong and enduring demand for housing as the country's urban population is expected to grow by around 70 million in the next ten years.