Housing sales in China continued to contract in July, adding more pressure on policymakers who are striving to restore confidence in the faltering property sector, which drives around 14% of the country's GDP when taking into account related industries. Last month, new property sales by China's 100 biggest property developers totaled 350.4 billion yuan ($49 billion), down 33.1% year-on-year and 33.5% month-on-month, according to data provided Monday by consultancy China Real Estate Information Corp.

https://www.caixinglobal.com/2023-08-01/chinas-july-property-sales-slump-further-as-sector-falters-102088708.html

#caixinglobal