(Yicai) Dec. 1 -- Home sales by the leading 100 developers in China fell further last month despite some cities coming out with policies to boost the market.

The builders sold CNY390.2 billion (USD54.7 billion) of homes in November, down 29.6 percent from a year earlier and 4.1 percent lower than in October, figures from China Real Estate Information showed yesterday. October’s sales fell 28 percent year on year.

Though the top 100 developers are stepping up marketing efforts toward the end of the year, combined annual sales may drop 15 percent from 2022, according to CRIC. In the 11 months ended Nov. 30, sales shrank 14.4 percent to CNY4.95 trillion (USD693.8 billion) from a year ago.

Shenzhen, Changsha, Quanzhou, and 17 other cities around China introduced policies to lift sales last month, including eased purchase restrictions, bigger housing provident fund loans, and buyer subsidies. These steps had little effect, according to a source at a real estate company.

The introduction and effect of policies are two different things, a marketing head of a developer told Yicai. People have had expectations for the market a number of times this year but all have disappointed, and it is no longer possible to make specific judgments about the market, the source noted.

In addition, China is also preparing to throw a financial lifeline to some developers. Regulators are drawing up a draft list of 50 builders for a range of financial support, Bloomberg News reported previously. Banks are convening builders on the whitelist for meetings to discuss how to roll out the policy initiatives, Yicai learned.

Editors: Dou Shicong, Martin Kadiev