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Investing.com -- The recovery of China’s property sector remains uncertain as residential sales fell again in March. The value of new home sales from the top 100 property companies experienced an 11% decline, dropping to 318 billion yuan ($43.8 billion) from the previous year’s figures, as per preliminary data from the China Real Estate Information Corp.
This decline in March follows a modest 1.2% gain seen in February. However, when compared on a monthly basis, sales in March were up 69% from February, indicating a substantial monthly increase despite the annual decline.
The data also indicates that recovery is more prominent in larger cities where developers have primarily purchased land. Second-hand home transactions saw an increase in February in tier-one and core tier-two cities. Despite this, prices for homes fell nationwide, indicating a mixed picture for China’s property market.
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