Plunging sales of new homes and the reported cancellation of a share placement by China’s biggest property developer on Tuesday underscored the depth of the country’s real estate crisis
Reports that Country Garden had abruptly pulled an attempt to raise $300 million by issuing new shares in Hong Kong coincided with the release of data late Monday showing new home sales by China’s 100 biggest developers dropped by 33% in July from a year ago. “No definitive agreement has been entered into with respect to the proposed transaction and the company is not considering the proposed transaction at this stage,” Country Garden said in a statement.
” Premier Li Qiang pledged Monday to “adjust and optimize” policies to ensure the healthy and stable development of the property market, according to a readout from a State Council meeting. Cities should roll out measures that meet their own needs, he added, without elaborating on the details. Four of the biggest cities in China said they would introduce measures to boost local property markets, also without announcing specific new policies.
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