China’s home sales during New Year holiday fall 26% compared with 2023 By Reuters

© Reuters. FILE PHOTO: An aerial view shows unfinished residential buildings of the Gaotie Wellness City complex in Tongchuan, Shaanxi province, China September 12, 2023. REUTERS/Xiaoyu Yin/File Photo

BEIJING (Reuters) – China’s average daily home sales during the three-day New Year holiday in 40 cities, based on floor area, fell 26% compared with the same period last year, a survey showed on Tuesday.

Sales fell the most in smaller cities, dropping 50% during the holiday, according to data from the China Index Academy, one of the country’s largest independent real estate researchers.

“Shifts in residents’ expectations and policy support are key to real estate stabilisation in 2024,” the firm said.

For 2024, the firm said it expected more easing of restrictive property policies, with full relaxation on home buying curbs in second-tier cities.

Authorities in recent months have been rolling out measures to support the crisis-hit property market.

Top Chinese leaders at a key meeting in December to chart the economic course for 2024 pledged to resolve real estate risks and promote stable and healthy development of the market.

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