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China Property Share Slump as Home Sales Fall During Holiday

  • Residential sales fell by 14% compared with a year ago
  • Chinese property shares slumped up to 3% after weak sales
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Chinese property shares dropped after housing sales fell during the Lunar New Year holidays, underscoring the challenge the country faces in salvaging the real estate sector. 

A Bloomberg Intelligence gauge of developers fell as much as 3% on Monday by 11:10 a.m. Residential sales by area declined 14% from a year earlier during the Lunar New Year week ending Jan. 27, according to data on 40 major cities tracked by China Real Estate Information Corp.