New Delhi, Nov 15, : , China’s property slump is deepening, according to official data.New home prices saw their largest month-on-month drop since 2015, according to the BBC. New construction starts in January to October also fell 7.7 per cent, compared to a year earlier.The number of new construction projects from January through October fell 7.7% compared to one year ago.
The country’s property market has been shaken in recent months as real estate giant Evergrande struggles to keep up interest payments on its huge debts, the report said.According to the report, Evergrande, a real estate company, has struggled to pay its massive debts in interest payments.
This has caused a shakeup in the country’s property markets.
China has also been hit by a new wave of Covid cases and major power cuts.
China was also hit hard by the new wave of Covid cases, as well as major power outages.
The 0.2 per cent drop in new home prices in October was the biggest fall seen in China since February 2015, the report added.According to the report, China’s October drop of 0.2% in new home prices was the largest since February 2015.
It also marks the first decline in new home prices since March 2015.
This is also the first drop in new home prices since March 2015
Sentiment in China’s property market, which accounts for about a quarter of the country’s economic activity by some measures, has been rocked as major property developers grapple with huge debts, the report said.According to the report, sentiment in China’s property sector, which is responsible for around a quarter of its economic activity, has been shattered by major property developers struggling with massive debts.
The industry has come under intense scrutiny as fears continue over the future of companies including real estate giant Evergrande.As Evergrande, a real estate giant, continues to be concerned about its future, intense scrutiny has been placed on the industry.
Other Chinese home builders have also struggled to find the money to make debt repayments.Another Chinese home builder has also struggled with finding the funds to repay their debts.
Shares of developer Fantasia plunged by 50 per cent last week after it said there was no guarantee it would be able to meet its other financial obligations following a missed payment of $205.7 million in October, the report said.Fantasia’s shares plunged 50% last week as it stated that it could not guarantee its financial obligations after a late payment of $205.7 Million in October.The report stated that Fantasia’s share price plummeted by 50%.
And earlier this month, trading in shares of Kaisa Group and three of its units was halted in Hong Kong after one of its businesses missed a payment on a wealth management product.After a business that had not received a payment for a wealth management product, the trading in shares of Kaisa Group was stopped in Hong Kong earlier in the month.
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