China housing sales spiral downwards even with support plan
Stabilizing the market in a time of widespread decline is a difficult task. Buyers are hesitant, scared by delays in construction, falling prices, and company defaults.
Sales dropped by 4.1% from a previous month. The report predicts that the aggregate annual sales of the top 100 developers will fall by 15 per cent starting in 2022.
China Real Estate Information released preliminary data on Thursday, November 30, showing that the value of home sales in the top 100 real estate firms fell by 29.6% from a year ago to 390.19 yuan ($73.3 billion).
The value of new home sales among the 100 largest real estate companies fell 29.6 per cent from a year earlier to 390.19 billion yuan (S$73.3 billion), according to preliminary data released by China Real Estate Information on Thursday (30 Nov).
As buyers remained cautious about the real estate turmoil in China, the decline in home sales in China accelerated in November.
The government is under increasing pressure to halt a spiraling downwards in the property market that could threaten growth and financial stability.
Sources familiar with the situation said authorities are evaluating a plan to allow banks for the first-time to offer unsecured loans.
To stabilize the country’s real-estate market, authorities issued a broad range of policies to ease buying restrictions and reduce downpayment requirements.