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Translated by: OX Translation Team – TrueSky
According to a foreign report on May 17th, the real estate sales in Communist China plunged 46.6% annually in April this year, the biggest drop since 2006. This is due to a heavy regulatory crackdown by the CCP authorities on real estate and other sectors, as well as the CCP virus epidemic and other factors.
On April, despite recent attempts by the Chinese Communist Party (CCP) to stimulate the one of its economic pillars, the real estate sales experienced the worst decline in 16 years.
According to data released by the Communist China National Bureau of Statistics on April 16th, the real estate sales fell 29.5% year-on-year from January to April, after a 22.7% drop in the previous three months, and were down 46.6% in April compared to the same month last year, 26.17% drop from March.
In addition, real estate investment fell by 10.1% year-on-year in April this year, higher than the 2.4% fall in March this year. National real estate investment also fell by 2.7% year-on-year from January to April this year.
The report said that many potential home buyers have been deterred from completing some real estate projects since authorities began tightening loan last year, a major driver of economic growth in Communist China. In addition, many developers, including Evergrande Group, the largest private real estate developer in Communist China, have faced financial difficulties as the company unable to repay loans on time. This has caused the entire real estate industry into a recession.
Since the beginning of 2022, the CCP authorities have introduced various measures to boost the housing market in more than 80 cities, including subsidies, decreased loan rates and lower down payment to ease the economic pressure. However, the outlook for the property sector remains bleak. due to the ongoing strict preventive and control measures from the authorities in various cities, such as Shanghai.
Proofread/Edited by: James L
Posted by: James L
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