China’s major property developers report declining sales amid epidemic

BEIJING (Xinhua) – China’s leading property developers saw sales decline in February amid the novel coronavirus outbreak, an industry report showed.

Sales of the surveyed 100 major property developers marked a monthly decline of 43.8 per cent and a drop of 37.9 per cent year on year, according to data from CRIC, a property research institution.

The contracted sales of China Vanke, one of the country’s biggest property developers, totalled about CNY28.03 billion (about USD4 billion) in February, down 35.1 per cent year on year, according to the company.

China’s major developer Poly Developments and Holdings Group Co, also known as Poly Real Estate, saw its February sales down 39.94 per cent year on year to CNY20.06 billion.

Amid the epidemic, many cities have suspended house sales activities, as well as the construction of apartments, weighing on the capital-intensive sector’s operation.

Despite the blow by the epidemic, the delayed house purchase demand will gradually release as epidemic control improves along with the implementation of a long-term management mechanism for the market, according to Huachuang Securities.

Aerial photo shows buildings under construction in Nanguan District of Changchun City, northeast China’s Jilin Province on February 17. China’s leading property developers saw sales decline in February amid the novel coronavirus outbreak. PHOTO: XINHUA