China Housing Sales Slump Persists Even as Rescue Efforts Mount

New-home sales of the 100 biggest real estate developers dropped 25.5% from a year earlier to 559 billion yuan ($78.9 billion) in November

(Bloomberg) — China’s housing sales slump persisted in November, underscoring the challenge for policymakers as they seek to revive the embattled industry.

New-home sales of the 100 biggest real estate developers dropped 25.5% from a year earlier to 559 billion yuan ($78.9 billion) in November, according to preliminary data from China Real Estate Information Corp. That followed a 28% decline in October.