Chinese Homebuyers Shun Market Despite Government Revival Efforts

A sales clerk introduces a property in Country Garden to tourists in Lingao County, South China's Hainan province, on Dec. 31, 2021. Photo: VCG

China’s property market remained in the deep freeze in March, even as the government signaled its support for the real estate sector and more cities relaxed administrative curbs to stimulate homebuying.

Contracted sales by the country’s 100 largest property developers fell 52.7% by value in March from a year earlier, a steeper decline than in January and February, data released by consultancy China Real Estate Information Corp. (CRIC) on Thursday show. Their combined first-quarter sales plunged 47% by value year-on-year and were also lower than January-March sales in 2020, with CRIC attributing the lackluster performance to weak confidence among developers and a lack of enthusiasm in marketing and sales.