China’s New Home Sales Slump Persists: New Data

A man standing by a barrier at a complex of unfinished apartment buildings in Xinzheng City in Zhengzhou, China's central Henan province, on June 20, 2023. Pedro Pardo / AFP

China’s average daily home sales during the public holiday plummeted 47 percent compared to the previous year’s May Day holiday, new data from private research firm China Index Academy (CIA) revealed on Monday.

In addition, they were roughly 30 percent lower from the bustling pre-pandemic levels seen over the same holiday period in 2019. Home sales were down in 19 of 22 surveyed cities during the five-day May Day compared to the same period of 2023, and more than 60 percent in megacities such as Guangzhou and Shanghai.