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China’s Home Sales Slump Further During Mortgage Boycotts

  • Top 100 developers saw sales tumble almost 40% in July
  • Industry confidence remains at a low level, CRIC says
Updated on

China’s top 100 developers saw home sales slump further in July, indicating a widening mortgage boycott crisis emerging around the country has further weighed on buyer confidence.

Combined contract sales plunged 39.7% from a year earlier to 523.1 billion yuan ($78 billion), according to preliminary data compiled by China Real Estate Information Corp., as demand remained stagnant amid an economic downturn despite government efforts to stimulate purchases.