China’s economy has slowed sharply this year amid a financial crisis and a legal review.
Unsupported homes in China’s 100 major cities rose sharply in five years in November, according to regional surveys, as the weak demand in smaller areas adds to the global market capitalization.
Sales grew 2.1 percent at the end of last month from last year to 521.10 million square meters, a report from E-house China Research and Development Institution revealed on Friday.
The November increase also marked the 36th consecutive month of annual gains.
China’s share of the economy has declined sharply this year, with sentiment being shaken by strict laws and a The financial crisis has affected major developers and high debtors in the country.
In November, new Chinese homes continued to meet the “extraordinary needs” of 44.95 million square meters on the supply side and 34.37 million square meters on home sales and volume, a Shanghai-based agency said.
“The biggest problem that exists and the current need is the huge weakness in real estate sales,” E-house said in its report.
The problems of the area have plagued small towns with high population density or uncertain economic prospects, which has led to an increase in housing prices.
Sales of new homes in three of the four cities stood at 224.87 million square meters, compared with 30.52 million square meters in major cities, said a survey.
Reduction
Yan Yuejin, E-house research supervisor, expects housing plans to be implemented in December and the first quarter of 2022 in three and four cities.
The decline in real estate is expected to end in the first half of 2022, with real estate prices declining as strong credit ratings and the demand for home taxes approach approached, a Reuters survey revealed last week.
Moody’s in a recent statement called on the government to act more slowly and decisively in reducing the economic downturn and preventing the recession.
