China’s Home Sales Spiral Despite Backstop Plan for Developers
Residential buildings under construction at a development in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
The decline in China’s home sales accelerated in November, as buyers remained wary of the turmoil in the country’s real estate sector.
The value of new home sales among the 100 biggest real estate companies fell 29.6% from a year earlier to 390.19 billion yuan ($54.6 billion), according to preliminary data from China Real Estate Information Corp. on Thursday. That follows a 27.5% decline in October.