JPMorgan economist says China’s housing market crash is still not over [Video]

China’s troubled housing market will continue to see softness as a slew of government stimulus and support measures have not been “satisfactory” in propping up the sector, according to a JPMorgan economist.

The “housing market crash is still not over yet,” Haibin Zhu, chief China economist at JPMorgan told CNBC’s “Squawk Box Asia” Monday, adding home prices would not stabilize until 2025 at the earliest.

The average price for new home sales across 100 Chinese cities rose by a modest 0.11% from July, a further slowdown from June’s 0.13% growth, according to data released by China Index Academy Saturday. Resale home prices declined 0.71% from the previous month, according to the report.

Both new and resale houses saw average prices drop 1.76% and 6.89% from a year ago, respectively, as the country’s housing market remains deeply mired in crisis.

Bloomberg reported Saturday that China is weighing a plan to lower homeowner borrowing costsby allowing refinancing on as …