China’s Property Market Gets Bleaker Despite Policy Support

China’s real estate market continued to cool last month, as data showed sales were nearly halved from a year ago despite regulators relaxing financing policies in an attempt to restore confidence.

The country’s top 100 developers sold property worth 401.6 billion yuan ($63.6 billion) in February, down 47.2% and an even deeper contraction than the 39.6% decline recorded in January, according to data published Monday by property think tank China Real Estate Information Corp. (CRIC).