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.
