China Developers’ Sales Plunge as Evergrande Crisis Spreads
- September sales by top 100 firms down 36% year-on-year: CRIC
- Surprise bond default by Fantasia adds to market uncertainty
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Major Chinese developers saw their sales plunge last month as China Evergrande Group sank deeper into crisis, putting more pressure on the government to limit the fallout.
Combined contracted sales by the country’s top 100 real estate companies plummeted 36% to 759.6 billion yuan ($118 billion) in September from a year earlier, deepening a downward spiral emerging in July, China Real Estate Information Corp. said in a report. More than 90 developers saw a decline in their sales from a year ago, with 60% of them recording a drop of more than 30%, according to the report.