China's home sales fall 38% in Nov as slump deepens
The Straits Times|December 02, 2021
China’s struggling real estate developers had another miserable month last month as a slump in home sales deepened.

BEIJING

Contract sales by the country’s top 100 developers plunged 38 per cent from a year earlier to 751 billion yuan (S$161 billion), sharper than the 32 per cent drop in the previous month, according to preliminary data compiled by research firm China Real Estate Information Corp (CRIC).

A widening debt crisis at firms such as China Evergrande Group and official efforts to rein in property speculation have crushed home demand and hit the world’s second-largest economy, forcing the authorities to ease curbs and soothe home-buyer concerns.

But policies to relax mortgage controls and improve financing for builders have yet to stem the industry slowdown. CRIC sounded a note of caution over the sector, especially debt-laden developers.

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