This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
China’s housing slump is deepening:
New home sales from the 100 largest developers in China fell -17.6% YoY in August, to 207 billion Yuan, one of the lowest readings on record.
This marks the 6th straight monthly decline, after a -24% YoY drop in July.
China’s housing downturn has dragged on for more than 4 years now.
And, even as China began pandemic-like stimulus 12 months ago, the housing market just keeps on falling.
Meanwhile, demand for new homes in Chinese cities is estimated to remain 75% below its 2017 peak.
China’s 2008 moment is happening as we speak.