China Monthly New Property Sales Plunge to Five-Year Low

What’s new: China’s real estate market is having a rough start to the year, with January new property sales plunging to a monthly low not seen in five years, despite government measures to boost the ailing sector as it grapples with a liquidity crisis.

New property sales by China’s 100 biggest developers totaled 235 billion yuan ($33 billion) last month, down 34.2% year-on-year and 47.9% from December, according to data provided by China Real Estate Information Corp. (CRIC) on Wednesday.