China Home Sales Drought Persists Despite Mounting Support

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The value of new home sales from the 100 biggest real estate companies slid 60% from a year earlier to 185.9 billion yuan in February

(Bloomberg) — China’s home sales slump dragged on into February, even as regulators stepped up efforts to salvage the beleaguered property market.

The value of new home sales from the 100 biggest real estate companies slid 60% from a year earlier to 185.9 billion yuan ($25.8 billion), following a 34.2% decline in January, according to preliminary data from China Real Estate Information Corp (CRIC). February’s sales were down 20.9% from the previous month.