Sales of top 3 Chinese housing companies fall below 40 pc

As China deals with significant economic turbulence, a data report revealed that the top three Chinese estate companies witnessed sales dips of over 40 per cent.

The data report showed that in the first four months of January and April there was a plunge of over 40 per cent of real estate companies in China, reported a local media. The sales of the three estate companies reached 64 billion dollars which marked a sharp decline from last year.

China's zero-covid policy imposed upon the Chinese natives owing to the rise of Covid-19 infections have added to the economic woes. Surmounting restrictions and stringent lockdown measures in April is also the cause of this economic situation.

Some Chinese-American experts have even urged Chinese authorities to change the barbaric zero-Covid policy on social media, reported the local media. They have asked the authorities to opt for home quarantine and rapid antigen tests instead of mass PCR testing.

According to Zhao Lijian, the Chinese Foreign Ministry spokesperson, China is "facing a sluggish and fragile global economy". " The United States and a handful of other countries are sticking to their own interests and blindly increasing unilateral sanctions," added Zhao.

Presently, there are over 300 million people accompanied by dozens of Chinese cities that are reeling under total or partial lockdown.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor