China’s New Home Sales Get Off to a Weak Start in 2023

What’s new: China’s housing market started 2023 with a whimper as demand remained sluggish for an industry that has been hit hard by a debt and confidence crisis, industry data show.

The 100 largest Chinese developers by sales sold 354.3 billion yuan ($52.5 billion) worth of new properties in January, down 32.5% from a year earlier and 48.6% from the previous month, according to a Tuesday note from China Real Estate Information Corp. (CRIC), a consultancy.