Country Garden Holdings Co. experienced a decrease in sales for October, but the decline was less severe compared to the previous month. This improvement may be attributed to the Chinese government's efforts to support property developers and stimulate the property market.
The company's contracted sales for October amounted to 4.3 billion yuan ($610 million), representing a 31% decline compared to the same period last year. However, this decline is an improvement from the 41% drop recorded in September. Furthermore, October's sales figures showed a 20% increase from the previous month, indicating a positive trend in response to the government's revitalization efforts.
These developments suggest a cautiously optimistic outlook for the Chinese real estate market as it continues to face ongoing challenges.