Chinese home sales fell 28.3% in 2022 from the previous year, official data showed Tuesday. The drop underscores the extent of the damage to a key cornerstone of the world’s second-largest economy, which has already been reeling from strict Covid-19 lockdowns.
Home sales by value narrowed their decline slightly from the 28.4% on-year decline in the first 11 months of last year, according to data released by the National Bureau of Statistics.
Property investment dropped 10% last year from 2021 levels, compared with a 9.8% on-year decline for the January-November period, the data show.
New construction starts by property developers in the country fell 39.4% in 2022, compared with a 38.9% fall in the first 11 months.