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Chinese property sales have collapsed by half:
China’s housing market remained sluggish during the Spring Festival this year and new home sales were significantly lower than a year earlier, with smaller cities under great pressure.
During the week-long holiday, China’s new home transactions in floor area slid by 47.9% from a year earlier and falling by 7.9% from the same period in 2019, according a research note from BOC International. The data for the same period in 2020 was excluded as China’s housing market stalled in a nationwide lockdown amid the Covid-19 pandemic.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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