China’s July Property Sales Slump Further as Sector Falters

Real estate sales in China continued to contract in July, adding more pressure on policymakers who are striving to restore confidence in the faltering property sector, which drives around 14% of the country’s GDP when taking into account related industries.

Last month, new property sales by China’s 100 biggest property developers totaled 350.4 billion yuan ($49 billion), down 33.1% year-on-year and 33.5% month-on-month, according to data provided Monday by consultancy China Real Estate Information Corp. (CRIC). Total sales in the first seven months of this year dropped 4.7% from a year earlier to 3.4 trillion yuan.