New Home Sales in China Show Signs of Easing Decline

Forex - The decline in new home sales in China has slowed as policymakers ramp up their efforts to end the collapse in the property market. According to the National Bureau of Statistics of China, new home sales fell by 20.0% year-on-year in the first 11 months of the year, demonstrating better performance compared to the 22.0% drop recorded in January-October. The bureau reported that new construction starts decreased by 23.0% in the January-November period compared to the previous year, slightly worse than the annual decline of 22.6% seen in the first 10 months. Additionally, the bureau noted that real estate investment by contractors fell by 10.4% year-on-year in the first 11 months, which is slightly more than the annual decrease reported in the first 10 months of the year.