BRIEF: Agile’s sales fall nearly 50% in November

Property developer Agile Group Holdings Ltd. (3383.HK) announced on Tuesday that its pre-sales value in November totaled 1.2 billion yuan ($165 million), down 46% from 2.23 billion yuan in the same period last year. Its gross floor area sold during the month was 93,000 square meters, down 48% year-on-year.

The company’s cumulative pre-sales value for the first 11 months of the year was 14.75 billion yuan, down 65% year-on-year. The value for corresponding gross floor area during that period was 1.1 million square meters, representing a 61% year-on-year decrease. During the period, the average selling price per square meter was 13,386 yuan, down 10% year-on-year.

The sharp declines come as China’s property market continues to struggle despite a recent series of major government moves to support the sector.

By Lau Chi Hang

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