China’s residential market sales fell again in November, suggesting the property sector still has some ways to go before it can show a sustained recovery.
The value of new home sales from the 100 biggest real estate companies dropped 6.9% from a year earlier to 363 billion yuan (usd 50 billion), reversing a 7.1% gain in October, according to preliminary data from China Real Estate Information Corp. Sales declined 16.6% from the previous month.
Beijing is struggling to arrest the decline in the property sector, with deflationary pressure adding to the economic gloom. Investors are expecting more policy support so China can meet its economic target of around 5% this year.
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