China’s Home Sales Revival Fizzles Despite Efforts to Boost Demand

Housing sales in China failed to notch a third straight period of month-on-month gains in July, despite government efforts to shore up demand for housing, a real estate industry consultancy said.

Total sales of 100 of the country’s top property developers fell 28.6% from the previous month to 523.1 billion yuan ($77.4 billion), a reversal from June’s 61.2% gain and May’s 5.6% increase, according to data released Sunday (link in Chinese) by China Real Estate Information Corp. (CRIC).