The Chinese property market is dominated by new housing. The property sector in general accounts for over 25% of the market. The new housing sector is showing signs that the Chinese economy is in serious trouble:
BEIJING, Nov 16 (Reuters) - China’s new home prices fell at their fastest pace in over seven years in October, weighed down by COVID-19 curbs and industry-wide problems, reflecting a deepening contraction that prompted authorities to ramp up support for the sector in recent days.
New home prices slumped 1.6% year-on-year after a 1.5% fall in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data on Wednesday. That was the biggest annual drop since August 2015 and the sixth month of contraction.