China’s home sales volume decline even given backstop plan
After a decline of 27.5 percent in October, the value of new home purchases amongst China’s 100 biggest real estate companies has fallen by 29.6 percent.
However, stabilizing the markets remains a challenge in an environment of broad decline. Buyers continue to stay away from the market, due to fears of delays in construction and falling prices.
The slowdown in China’s home sales continued in November. Buyers remained apprehensive about the current turmoil in the country’s real-estate sector.
The government has signaled a higher level of urgency in order to stop a downward trend in the sector of property from derailing growth and putting financial stability at risk.
Sales decreased by 4,1 per cent compared to the month before. According to the report’s findings, the annual sales totals of top 100 developers is expected to decline by 15% from 2022.
To stabilize the national real estate market authorities have introduced a range of policies aimed at lowering downpayment requirements and easing restrictions on purchasing.
China Real Estate Information’s preliminary data showed that new home sales for the 100 largest companies in real estate fell 29.6% over a period of a single year, reaching 390.19 billion Yuan (S$73.3billion), according to its report on Thursday (Nov. 30).
A list of 50 eligible real estate developers has been proposed by the authorities. Meanwhile, they are considering a new plan that will allow banks offer them unsecured loan for the first.