Gemdale Plaza
Gemdale, a property developer based in the southern Chinese city of Shenzhen, said its real estate sales tumbled 19% from the previous month to RMB779 million ($114 million) in August.
Sales rose from the previous month in terms of floor area, by 3.6% to 78,100 square meters.
Sales In the first eight months of this year, rose 2.7% from a year earlier in value terms to RMB6.71 billion but fell 16% to 629,500 square meters in terms of area.
That is an equation which suggests selling more for less.
The figures were the latest sign of a slowdown in China’s property market, which analysts said was compounded in August by the fact that the Beijing Olympics slowed business activity in the capital city and elsewhere.
Vanke, China’s biggest listed property developer, said the value of its real estate sales plunged 35% from a year earlier in August, while in terms of area, sales sank 33% during the month.
Source: Reuters
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