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

10/14/2022

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.