Poly Property’s sales slump as Beijing’s market rescue package produces mixed results
- The Chinese state-backed developer saw sales fall by almost a fifth in May, adding to a mixed picture of the impact of Beijing’s historic measures
That was down by about 18 per cent from April’s 5.6 billion yuan for an area of 206,000 sq m at an average selling price of 27,171 yuan per sq m.
In the first five months of the year, Poly Property sold properties worth about 21 billion yuan, 37 per cent lower than it recorded in the same period of 2023.
The decline in Poly Property’s monthly sales stood in contrast with an improvement in the turnover of China Vanke and Country Garden, two of China’s biggest home builders.
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Tiny flat with bed behind toilet rented for US$40 in China
Both saw an increase of about 11 per cent in their property sales in May compared to April in the wake of the stimulus package unveiled by Beijing in the same month. The measures included a 300 billion yuan relending facility and cuts in mortgage rates.
