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China’s top 100 property developers’ sales reached 3.57 trillion yuan in the first half of the year, rising slightly by 0.1% from the same period last year, according to data compiled by China Index Academy, a major real estate research company in the country.
In June alone, the top 100 developers’ sales slumped 29.4% from a year earlier, and after seasonal adjustment, the sales slid 19% year over year, according to the data.
China’s real estate market has cooled sharply since the second quarter with homebuyers’ sentiment staying weak and entering June, the market extended the cooling trend, it said.