China’s Home Sales Spiral Down Despite Backstop Plan for Developers

00:00

00:00/00:00

Listen to this article 1x

The value of new home sales among the 100 biggest real estate companies fell 29.6% from a year earlier to 390.19 billion yuan ($54.6 billion)

(Bloomberg) — The decline in China’s home sales accelerated in November as buyers remained wary of the turmoil in the country’s real estate sector.

The value of new home sales among the 100 biggest real estate companies fell 29.6% from a year earlier to 390.19 billion yuan ($54.6 billion), according to preliminary data from China Real Estate Information Corp. on Thursday. That follows a 27.5% decline in October.