China April property sales post steepest drop since 2006

BEIJING/HONG KONG :China's property sales in April fell at their fastest pace in around 16 years as COVID-19 lockdowns further cooled demand despite more policy easing steps aimed at reviving a key pillar of the world's second-largest economy.

A further cut in mortgage loan interest rates for some home buyers announced by Chinese authorities on Sunday did little to convince investors and analysts that it could revive sluggish property demand. However, the property outlook has remained bleak amid protracted COVID-19 curbs in dozens of cities, including Shanghai, currently in its seventh week of lockdown.

He added that uncertainty, a lack of confidence, an increase in the unemployment rate and falling income growth have all contributed to the slump in new home sales. In April, property investment fell 10.1 per cent year-on-year, the fastest pace since December, compared with the 2.4 per cent decline in March.

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