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#China’s #housing market continues cooling trend in new year.Major developers reported significant declines in home sales in January.In the week-long Spring Festival holiday, new homes sales declined by 56% y/y in 17 major Chinese cities.

China’s real estate market is cooling further, adding more pressure on a sector already losing steam hit by a prolonged policy tightening and concerns about a slowing economy.

As of February 12th, 26 real estate developers tracked by the Centaline Property reported a 13.6 per cent decline in combined contracted sales, compared to the same period last year. In addition, more than 30 of the top 100 developers saw sales drop year-on-year, among which, 16 developers’ sales dropped by more than 30 per cent.

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