China’s Property Sales Extend Slump Amid Vicious Cycle

China’s beleaguered real estate market continued to slump in August, as government attempts to stabilize the sector failed to boost consumer confidence and demand.

Last month, sales of new properties by China’s 100 biggest developers totaled 519 billion yuan ($75 billion), down 32.9% year-on-year and 0.8% month-on-month, data released by consultancy China Real Estate Information Corp. (CRIC) on Wednesday show. Total sales value in the first eight months of this year almost halved from the same period in 2021, logging a 47.4% decline.