Sales of private housing on the mainland dropped 20.6 per cent in the first 11 months from a year earlier, the National Bureau of Statistics reported yesterday.
Total sales of private property, including residential and commercial properties, reached 1.93 trillion yuan (HK$2.18 trillion) in the first 11 months, down 19.8 per cent from a year earlier.
Sales were worse in key cities, including Beijing and Shanghai, compared with those in the second-tier cities.
Property sold in Beijing dropped 48.6 per cent year on year during the period, to 9.69 million square metres, the sharpest fall among the big cities.
The value of sales fell 44.5 per cent to 118.32 billion yuan.
Only 19.54 million sq metres was sold in Shanghai, down 40.9 per cent from a year earlier. Sales dropped 39.4 per cent to 163.17 billion yuan.
The fall in the value of sales was due to the slowdown in the property market and the decline in property prices.
