Chinese housing giant reduced sales in January


One of the largest players in the real estate market in China, Evergrande Group, reported a fall in sales in January. Last month, the company's contract sales fell by a third, from 64.36 billion yuan to 43.17 billion yuan. At the end of 2018, sales increased by 10.1%, the company said in a statement. Area sales fell to 3.88 million square meters from 6.24 million square meters in January 2018. Evergrande sold housing to the value of 551.34 billion yuan in 2018 and plans to increase sales to 600 billion yuan this year. The Chinese authorities have stepped up regulation of the real estate market, which is why it is experiencing the cooling. Housing sales grew by 12.2% in 2018, which is 1.5% lower than the 2017 figure. New housing in the country grew at a minimum rate of 8 months in December. China may lift a number of restrictions on real estate transactions, which will support the economy and the housing market.

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