Chinese Developers Had Annual Drop in Property Sales Last Year
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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.