The decline in China’s home sales accelerated in November as buyers remained wary of the turmoil in the country’s real estate sector, reports Caixin. The value of new home sales among the 100 biggest real estate companies fell 29.6% from a year earlier to RMB 390.19 billion ($54.6 billion), according to preliminary data from China Real Estate Information Corp. on Thursday. That follows a 27.5% decline in October.
Sales were down 4.1% from a month earlier. The top 100 developers’ aggregate annual sales are expected to fall 15% from 2022, according to the report.
To stabilize the nation’s real estate market, authorities have issued a wide-ranging basket of policies to loosen buying curbs and lower down payment requirements. The government has signaled increased urgency to stop a downward spiral in the property sector from derailing growth and endangering financial stability.