Reuters
China’s holiday home sales fall 37.7% y/y – private survey
Chinese new home sales by floor area fell 37.7% year-on-year over the week-long National Day holiday starting from Oct. 1, a private survey showed on Saturday, as tough COVID-19 curbs further dented fragile demand. The property market has lurched from crisis to crisis, with slumping sales and developers defaulting on debts, while consumer confidence has been soured by repeated COVID-19 lockdowns and a mortgage boycott. Among 20 cities monitored by the China Index Academy, the average daily floor area of homes sold in four tier-one cities all fell sharply from last year’s holiday season, with declines of 64% in Beijing, 49% in Shenzhen and 47% in Shanghai.
