Housing market continues to cool on January stats

Sales of the top 100 real estate developers continued their downward freefall in January, a trend that has continued since the third quarter of last year, Yicai.com reported.

According to CRIC, a property big data service provider, more than 30% of the top 100 developers saw a year-on-year decline on contract sales attributable to shareholders last month. Among them, 13 developers saw a decrease of more than 30%, and 22 of them fell by less than 30%.

Leading developers like Country Garden said its total contract sales attributable to shareholders in January was approximately 33.07 billion, which fell by 52.2% when compared with the 69.19-billion-yuan in the same period last year.

That of Vanke was 48.88 billion yuan, down 28.1% year-on-year. While Evergrande also saw a 32.9% decline year-on-year, recording 43.17 billion yuan.

Insiders think the housing market will not have many breakthroughs in sales in February due to the Spring Festival holiday.