China’s June New Property Sales Plunge 28.1% for Top Builders

What’s new: New property sales by China’s 100 biggest real estate developers fell 28.1% in June to 526.74 billion yuan ($72.5 billion) against a low comparison base a year earlier due to pandemic restrictions.

Sales gained 8.5% month-on-month, the slowest growth on record for June, according to data from China Real Estate Information Corp. Compared with June 2021, last month’s sales declined 58.9%. The data includes both new residential housing and commercial properties.