China’s Efforts to Prop Up Property Market Fall Short

New property sales in China continued to plunge in October despite government attempts to stabilize the market, with top builders faring better than their peers.

The 100 largest developers — measured by sales value in the first 10 months of the year — recorded a combined 556 billion yuan ($76.7 billion) in sales last month, down 28.4% year-on-year and 2.6% month-on-month, according to data compiled by industry consultancy China Real Estate Information Corp. (CRIC). Traditionally, October is a peak sales season for the housing market.