China’s home sales slump amid lockdowns

The 100 biggest real estate developers saw new-home sales plummet 59% last month from a year earlier, according to preliminary data from China Real Estate Information Corp. The drop matched April’s decline as the biggest this year

SHANGHAI: China’s home sales slump persisted in May as Covid outbreaks and lockdowns in key cities overshadowed efforts to revive buyer confidence.

The 100 biggest real estate developers saw new-home sales plummet 59% last month from a year earlier, according to preliminary data from China Real Estate Information Corp. The drop matched April’s decline as the biggest this year.