Lukewarm China Holiday Home Sales Underscore Economic Woes
- Sales in the eight-day holiday declined from a year earlier
- Buyer interest is fading due to concerns about property prices
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Tepid data on China home sales during the key vacation season raised doubts over whether Beijing’s steps to prop up the property market are ample to revive the sector this year.
In the new-home market, daily sales during the eight-day Golden Week holiday declined 17% from last year, according to data on 35 major cities tracked by China Index Holdings Ltd. Daily sales of existing properties slid 8% over the period, separate data by China Real Estate Information Corp.’s tally on eight major cities showed.