China Home Sales Drought Persists Despite Mounting Support
- Top 100 developers’ sales accelerated slide to 60% in February
- Housing ministry told governments to prevent big price swings
A residential housing development in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s home sales slump dragged on in February, even as regulators stepped up efforts to salvage the beleaguered property market.
The value of new home sales from the 100 biggest real estate companies slid 60% from a year earlier to 185.9 billion yuan ($25.8 billion), following a 34.2% decline in January, according to preliminary data from China Real Estate Information Corp. February’s sales were down 20.9% from the previous month.