Apr 09, 2022 04:07 AM

China’s Home Sales Plunge 47% Despite Government Support

What’s new: Sales of China’s top 50 property developers declined 47% in the first quarter from a year earlier as the embattled industry continued struggling despite pledges of support from the Chinese government.

Sales by the 50 biggest developers in the first quarter were also lower than in the same period in 2020, when the Covid-19 pandemic first hit the country and China’s economy contracted for the first time in 28 years, data from real estate information database CRIC showed.

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