China’s Home Sales by Top Developers Slow as Rebound Falters
- Growth of new home sales value slowed to 6.7% in May
- Sales fell 14.3% compared with previous month on weaker demand
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China’s home sales growth abated in May following a brief rebound, underscoring weakening momentum in the economy.
The value of new home sales by the 100 biggest real estate developers rose 6.7% to 485.4 billion yuan ($68.3 billion) from a year earlier, according to preliminary data from China Real Estate Information Corp. That compares with gains of more than 29% in the previous two months. Sales fell 14.3% month-on-month.