China's real estate sector is facing increasing troubles, with weak new home sales putting pressure on Developers and Intensifying Calls for policy support. Sales for the top 100 developers dropped by around a third in June and July compared to the previous year. The situation has been exacerbated by the looming default of property developer Country Garden and the bankruptcy protection filing of Evergrande, the world's most indebted property developer. China's "three red lines" policy, which sets conditions for developers to take on more debt, has also contributed to the sector's crisis. State-owned developers have seen stronger sales and are better positioned for growth compared to non-state developers.

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