China Home Sales Slump Deepened in January in Blow to Economy
- Transactions have been falling since July, worsening cash woes
- Property slowdown may continue to weigh on economic output
Apartment buildings in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s property sales slump persisted in January with top developers seeing a steeper decline in transactions, signaling the sector may remain a drag on the economy.
The 100 biggest companies in China’s debt-ridden property industry suffered a 39.6% drop in sales from a year earlier, compared with a 35.2% decline in December, according to preliminary data by China Real Estate Information Corp.