Jun 01, 2024 03:58 AM
ECONOMY
China Home Sales Slump Eases as Government Support Kicks In
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The value of new home sales from the 100 biggest real estate companies dropped about 33.6% from a year earlier to 322.4 billion yuan ($44.5 billion), compared with a 45% decline in April
(Bloomberg) — The downturn in China’s residential real estate market weakened in May, suggesting recent efforts by the government to revive the market are beginning to work.
The value of new home sales from the 100 biggest real estate companies dropped about 33.6% from a year earlier to 322.4 billion yuan ($44.5 billion), compared with a 45% decline in April, according to preliminary data from China Real Estate Information Corp. Transactions gained 3.4% from April.
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