China's Housing Market Slump Deepens as March Home Sales Plunge 46%
- China's home sales slumped 46% in March year-over-year, continuing February's 60% plunge
- The sales drought has hurt many major developers and Chinese banks
- Country Garden missed reporting deadline; Vanke saw 46% profit slide in 2021
- March is typically strong for home sales, but still lagged late 2021 averages
- Fitch downgraded some builders to junk status and predicts 5-10% sales drop in 2022