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Chinese Developers Had Annual Drop in Property Sales Last Year

The value of new homes sold by China’s largest real estate companies fell annually for the first time since at least 2016 and declined further in December, suggesting a weak property sector continues to be a drag on the world’s second-largest economy.

The hundred largest developers in China sold homes worth 11.1 trillion yuan ($1.7 trillion) in 2021, down 3.5% on 2020, according to China Real Estate Information Corp.