China's housing market has not shown any signs of recovery. Photo: iStock

The top two real estate giants in China saw sharp declines in home sales over the first two months of 2019, as the housing market offers no signs of recovery, The Paper reported.

Evergrande Group’s home sales reached 64.7 billion yuan in January and February, a year-on-year decline of 42.5%. The total area sold was 5.901 million square meters, a decrease of 46.8%.

As for Vanke, the home sales and total area sold were 92.07 billion and 5.644 million square meters, both falling by 17.5% and 11.1% from a year earlier.

Though housing policies in about 20 cities have been relaxed, the market has not shown any recovering signs. According to a report by CRIC, a market research firm, this is mainly due to the Chinese New Year, when people tend to push back home purchases.

It is hoped that the government will  carry out policies that are relatively favourable to the real estate sector this year, as the economy has not bottomed out yet, the report said.

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