China Stimulus Fails to Ignite Housing Sales Over Key Holiday

(Bloomberg) — China’s embattled property market is struggling to generate a turnaround despite supportive pledges from the top decision-making body, underscoring Beijing’s challenge to revive one of the nation’s biggest growth drivers.

New-home sales in 23 major cities tracked by China Real Estate Information Corp. fell 33% by area during a five-day national holiday compared with a year earlier. The plummet adds to the pain this year, after combined sales at the top 100 developers halved in the first four months.