China’s real estate market continues to slow down and has hit a real slump. Three major real estate giants—Evergrande Group, Country Garden, and Vanke—executed significant staff layoffs this year.
Sales Volumes Drop in 300 Cities
Overall sales volumes dipped significantly in August and over the last year. According to the latest data from the China Index Academy, 300 cities in China listed a total of 95.65 million square meters (1.03 billion square feet) of land for sale in August, a decrease of 8 percent from July and a decrease of 17 percent from the same period last year. A total of 60.61 million square meters (652 million square feet) of land was sold in August, a decrease of 32 percent from July and a decrease of 25 percent from the same period last year.A Shanghai E-House Real Estate Research Institute report summarized the August real estate sales that occurred in 40 major cities. Total building area in all transactions in the cities reached 43.83 million square meters (472 million square feet), down 16.9 percent from July. The average price for all completed land transactions was 5,259.5 yuan per square meter, down 1.8 percent from July.
