Home sales revenue slumps

China Real Estate Information Corp said the amount of sales revenue to be realized to make its top 50 list of best-selling developers dropped by a quarter in the first three months of the year to 2.4 billion yuan ($387 million).

"The market was on a low in the first quarter. Sales declined amid increases in mortgage rates and price falls," said CRIC in a report published on Wednesday.

In terms of area sold, the threshold to make the 50th position dropped by 6 percent, or 15,000 square meters.