China Home Sales Plunge in July, as Mortgage Revolt Deters Buyers

As foreign investors and home buyers lose confidence in China’s property market, developers are offering cars and pigs to boost sales. WSJ examines ads and policies to see how the country’s real-estate turmoil could ripple out into the global economy. Photo composite: Sharon ShiA nascent two-month recovery in China’s home sales ended in July, as a widespread mortgage revolt over concerns that ailing property developers wouldn’t be able to deliver still-unfinished apartments weighed on demand.

Sales at the country’s top 100 property developers fell 39.7% in July from the same period last year to the equivalent of $77.6 billion, or 523.14 billion yuan, according to data released Sunday by CRIC, a Chinese real-estate data provider.

Mortgage Revolt due to real estate crisis in China has hit the banks hard. Manufacturing sector is reeling. Is China a giant Ponzi scheme waiting to unravel?

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