Chinese property developers slid across the board on sluggish home sales during Spring Festival holiday

 

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Mainland Chinese property developers slid across the board on Monday, with Yuexiu Property down nearly 6%, Shimao Group and Longan Group down more than 5%, Seazen Holdings, Media Real Estate and Country Garden down more than 4%.

Data from real estate research firm CRIC showed that home transactions in China’s 44 major cities tumbled 40% year over year during the Spring Festival holiday and in particular, home transactions in Beijing and Shanghai tumbled by more than 80%, indicating that home buyers’ confidence remained weak.

China’s overall home transactions are expected to decline further in February, with possible recovery in March – April, it said.

Separate data from China Index Academy showed that the average daily new home transactions, measured by floor area, in China’s 25 major cities during the Spring Festival holiday period slid by about 27% from the same holiday period in 2023.

Data from Zhuge Real Estate Data Research Center showed that an average of 30 new homes changed hands in China’s 10 key cities during the holiday period, hitting a new low in five years and sliding 13.6% from a year earlier. Read more …