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China Stimulus Fails to Ignite Housing Sales Over Key Holiday

  • Top leaders make U-turn in policy to boost home sales
  • Transactions fell in most cities during five-day golden week
Homes in Shanghai, China.

Homes in Shanghai, China.

Photographer: Qilai Shen/Bloomberg

China’s embattled property market is struggling to generate a turnaround despite supportive pledges from the top decision-making body, underscoring Beijing’s challenge to revive one of the nation’s biggest growth drivers. 

New-home sales in 23 major cities tracked by China Real Estate Information Corp. fell 33% by area during a five-day national holiday compared with a year earlier. The plummet adds to the pain this year, after combined sales at the top 100 developers halved in the first four months.