China’s Home Sales Drop Most in a Year as Slowdown Worsens
- Sales by biggest developers dropped 33.1% from a year earlier
- Slump is a blow to cash-strapped builders, economic recovery
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China’s home sales tumbled the most in a year in July, underscoring why policy makers are seeking to address a property slowdown that’s weighing on the economic recovery.
The value of new home sales by the 100 biggest real estate developers fell 33.1% from a year earlier to 350.4 billion yuan ($49 billion), according to preliminary data from China Real Estate Information Corp. The drop was the second in a row, after four months of gains. Sales slid 33.5% month-on-month.