Sales of Property and Cars Slowed in China With August Lockdowns

Chinese consumers cut back on buying cars and apartments in August as stronger regulation of the property market and a broad Covid outbreak in the country further undercut the economy’s already slowing recovery.

Property sales in the four first-tier cities declined 16% in August from a year ago, according to Bloomberg calculations based on weekly data. Total automobile sales including to companies likely dropped about 22% over the same period, the biggest decline since last March when the nation was still in lockdown to control the initial Covid cases.