China’s housing market continued its downturn in March, with new-home sales dropping by around 46% compared to the previous year, totaling 358 billion RMB ($49.6 billion), following a similar decline in February. This prolonged slump is impacting major developers and state-owned banks, despite efforts from Beijing to stimulate the economy. Country Garden Holdings announced it would miss its annual results deadline, while China Vanke reported a significant net income decline.