For January-August, sales still fell on an annual basis, contracting 0.6% after a 1.3% decline in the first seven months.
Among measures to support the economy recently, the central bank freed up 900 billion yuan in liquidity earlier this month by cutting banks’ reserve requirement ratio . In August, China’s banking and insurance regulator said it had uncovered a number of violations among small lenders such as extending loans to undercapitalized real estate projects and over-indebted local government platforms.
New construction starts measured by floor area grew more slowly in August with a 4.9% gain from year earlier, versus July’s 6.6% rise, Reuters calculations showed.Sales growth could face stronger headwinds in the coming months as China steps up efforts to clamp down on speculative buying. In late August, the government said it would set a floor on mortgage rates for individuals, starting in October.
Congratz, another ghost building...
Are these the same buildings that are falling apart because of shoddy construction and also empty?
BaldingsWorld China is already suffering from ghost cities, so this is not a positive development.