China Home Sales See First Monthly Rise in 2024 on Stimulus
- Value of new-home sales from biggest developers rose 7.1%
- Sales rebound was lopsided with state firms luring buyers
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China’s residential property sales rose in October, the first year-on-year increase of 2024, as the government’s latest stimulus blitz brought back buyers.
The value of new-home sales from the 100 biggest real estate companies rose 7.1% from a year earlier to 435.5 billion yuan ($61.2 billion), reversing from a 37.7% slump in September, according to preliminary data from China Real Estate Information Corp. Sales surged 73% from a month earlier.