China Property Share Slump as Home Sales Fall During Holiday [BNN Bloomberg (Canada)]
China Index Holdings Limited - American Depository Shares (CIH)
Company Research
Source: BNN Bloomberg
A Bloomberg Intelligence gauge of developers fell as much as 3% on Monday by 11:10 a.m. Residential sales by area declined 14% from a year earlier during the Lunar New Year week ending Jan. 27, according to data on 40 major cities tracked by China Real Estate Information Corp. The week-long holiday was another key test of buyer demand since policy makers unveiled a sweeping plan to rescue the housing sector in November. Migrant and white-collar workers grounded in bigger cities during Covid lockdowns had the chance to hunt for property in their home towns this year after China abruptly ended its Covid Zero policy. “The decline in sales continues to weaken sentiment among investors,” said Justin Tang, head of Asian research at United First Partners. “A recovery will only be visible when property policies work their way through the system, when the economy rebounds post China's reopening and then subsequently generate an improvement in domestic household cash flow and balance sheet
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