China’s Home Sales Drought Persists During May Lockdowns

(Bloomberg) ― China’s home sales slump persisted in May as Covid outbreaks in key cities overshadowed efforts to revive buyer confidence.

New-home sales plummeted 59% in May from a year earlier for China’s 100 biggest real estate developers, according to preliminary data from China Real Estate Information Corp. The drop matched April’s decline as the biggest this year.