Recently, according to the National Bureau of Statistics of the Communist China, new housing prices in October fell 0.37% compared to September, showing property investment fell at its fastest pace in 14 months in October and reaching the largest sales slippage in seven years. Meanwhile, housing sales fell 23% in October compared with the corresponding period last year.
On November 13th, Communist China announced Sweeping Rescue Policies plan, including 16 measures to avert property crisis. The plan is expected to help the local developers cope with the liquidity crisis and ease the down payment requirements for homebuyers. The China Banking and Insurance Regulatory Commission announced on Monday that it would allow real estate developers to use part of their pre-sale housing funds. Under the extreme Zero-COVID and quarantine policy introduced by the Chinese Communist Party (CCP), the consumption ability and desire of the nationals have diminished. Even though the government has introduced a series of favorable policies, it is difficult to turn around the plight of the real estate sector.