China’s Home Sales by Top Developers Plunge in Warning Sign
Residential buildings under construction in Zhengzhou, Henan province, China, on June 7.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s home sales tumbled in June, snapping a four-month rebound, suggesting the country’s vast property market is far from stabilizing.
The value of new home sales by the 100 biggest real estate developers fell 28.1% to 526.74 billion yuan ($72.5 billion) from a year earlier, according to preliminary data from China Real Estate Information Corp. That compares with a gain of 6.7% in the previous month. Sales gained 8.5% month-on-month.