China Developers' Aug Sales Decline as Governments Step up Curbs: Journal

Sales reported by China's property developers plunged in August as regional governments toughened restrictions to prevent property bubbles, the China Securities Journal said citing company disclosures. China Merchants Shekou said its volume sold last month dropped 26% y/y while revenues declined 24%, the newspaper said. China Vanke, one of the largest developers, reported a 48% reduction in August realized contract sales volume and a 37% decline in revenue, the journal said. The last week saw new home sales in the largest cities such as Shanghai, Guangzhou and Shenzhen declining by 30%, while sales in 80% of second-tier cities fell, said the journal. Many city authorities summoned developers to meetings and ordered them not to cut prices that could lead to market disorder, said the newspaper.