New Home Sales in China Dropped by 37.7% YOY, with Hangzhou Dropping the Most at 80%

Per Reuters

In China, sales of new homes by floor area fell by 37.7% year-on-year. Tourist trips over the National holiday were also down 18.2% YOY.

Here are the most affected cities in China:

  • Hangzhou (-80%)
  • Beijing (-64%)
  • Shenzhen (-49%)
  • Shanghai (-47%)

Beijing has been ramping up efforts to distressed markets by easing mortgage rate floors and cutting interest rates. The government is also offering individual income tax rebates for home buyers.

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.