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China’s top 100 property developers’s sales amount dropped 2.6% in October from the previous month, faster than the average falls in previous years, and tumbled 28.4% from a year earlier, expanding by 3 percentage points from the drop in September, according to data compiled by China Real Estate Information Corporation (CRIC).
The sales amount during the first ten months of the year plunged by 44% from the same period last year, showed the data.
The year-on-year drop of the top 100 developers’ cumulative sales this year have narrowed for five consecutive months, but the improvement has been smaller than 2 percentage points, indicating that the recovery is weak, said analysts at CRIC.
Separate data from CRIC showed that home transactions in China’s 30 major cities hit the lowest level in the second half of the year, falling 14% from the previous year and sliding 28% from a year earlier, showed the data.