China Property Slowdown Deepens as Evergrande Hurts Outlook
Home sales slumped 20% in August, most since Covid-19 emerged
Prices of new homes rose at the slowest pace this year
China’s residential property slowdown deepened last month, signaling that regulatory tightening and an escalating crisis at the country’s most indebted developer are hurting buyer sentiment.
Home sales by value slumped 20% in August from a year earlier, the biggest drop since the onset of the coronavirus shut swathes of the economy at the start of last year, according to Bloomberg calculations based on National Bureau of Statistics data released Wednesday.