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China Home Sales Drop 28% as Covid Flare-Up Adds to Risks

Bloomberg business news
WATCH: Chinese developer stocks are in focus after the nation’s home sales slump intensified in October. Kristy Hung discusses the sector.Source: Bloomberg

China’s home sales slump intensified in October, the latest sign that a recovery in the nation’s property market remains distant. 

The 100 biggest real estate developers saw new-home sales drop 28.4% from a year earlier to 556.1 billion yuan ($76.2 billion) in October, according to preliminary data from China Real Estate Information Corp. That plunge widened from a 25.4% slump in September.