China New-Home Sales Sink to Five-Year Low Over Labor Day Holiday

China’s embattled real estate market continued to slide during the recent Labor Day holiday, with new home sales in major cities hitting a five-year low.

During the five-day break that ended Sunday, just over 2,100 new homes were sold in 12 major Chinese cities — including Beijing, Shanghai and Chengdu — down 52.12% year-on-year, according to a report published Monday.