China’s real estate developer sales decline

Sales of major real estate developers in China fell last month as the crisis of the Chinese Evergrande Group worsened, which puts more pressure on the Beijing government to prevent the collapse of the giant real estate group.
China Real Estate Information Corp., a real estate consultancy, said that sales of the 100 largest real estate developers in China fell 36% to 759.6 billion yuan ($118 billion) in September compared to the same month last year, reflecting the decline in the movement of The market started last July.The company added in its report, which was reported by Bloomberg News Agency, that more than ninety real estate development companies witnessed a decline in their sales compared to last year, while sixty percent of these companies recorded a decline of more than 30%.

China’s “Shanghai Securities News” economic affairs newspaper quoted Lin Bo, general manager of the company, as saying that under the current market conditions, real estate companies should speed up the pace of development, ensure the movement of supplies, strengthen the market and stimulate sales to recover cash in the last quarter of the year.

“In the medium term, real estate companies are focused on relieving pressure,” he added.
Evergrande is the world’s most indebted real estate company with more than $300 billion in debt. Given the company’s size, some experts fear a major crisis for the Chinese economy and possibly the global economy if it collapses.

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