Coronavirus Drags Down Chinese Home Sales
In the first week of February, home sales in China went down significantly due to the coronavirus epidemic, according to Bloomberg.
The China Merchants Securities Co. Sales compared current data to the same time in 2019 and determined that new apartment sales decreased 90 percent. The current data was collected from 36 different cities.
Furthermore, data from eight cities showed that sales of existing homes in China decreased by 91 percent. Chinas' home buying environment was already in a rut as it battled stricter mortgage requirements and less interested consumers.
“The sector is bracing for a worse impact than the 2003 SARS pandemic,” said China Index Holdings Ltd analyst, Bai Yanjun. “In 2003, the home market was on a cyclical rise. Now, it’s already reeling from an adjustment.”
In the first week of February, home sales in China went down significantly due to the coronavirus epidemic.