Housing Crash Forces Developers to Slash Sales Goals

Chinese real estate developers are struggling to meet sales goals as homebuyers stay away amid pandemic controls and a weak economic outlook despite government efforts to bolster the property market.

Among the 14 publicly traded real estate businesses that have disclosed annual sales goals, nearly 80% said they reached less than 30% of their targets by the end of May according to a survey by the market research firm China Real Estate Information Corp. (CRIC). More than 50% reported hitting less than 25% of their goals, the survey found.