As of the end of August, the combined floor area of unsold homes stood at 648 million sq m, the latest data from the National Bureau of Statistics shows.

Confidence remains low in the embattled property sector and continues to be a major drag on growth.

China's property sector has been in a tailspin since 2021 when the government issued strict rules to stop indebted developers from accumulating even more debt.

It remains to be seen whether a raft of government stimulus measures will help revive demand, ease the sector's cash squeeze and lift the gloom over the world's second-largest economy.

The Chinese property sector is in a deepening crisis with a rising risk of default among some developers as they struggle to sell apartments and raise funds.

This includes a doubling of stamp duties for foreigners to an eye-watering 60%.

The assessment discount applies to residential units built after 2017, with the reduction to be based on the total tax imposed.

A group of teachers say they fell victim to the scheme, trusting the woman's image as a public figure.

Experts are split over the recent invitation to Singapore's Housing and Development Board to review Malaysia's housing policy.

Russians were reportedly the biggest international buyers of Dubai real estate last year.

Potential homebuyers have been reluctant to ink new deals in recent months because of uncertainty generated by China's various anti-Covid measures, leading to a sharp decrease in home prices.

The IMF says economic risks for China were tilted to the downside, due to headwinds from a global slowdown, higher energy prices and tighter global financial conditions.