Country Garden’s (2007) sales slump dragged on in January, as new residential transactions countrywide resumed falling on weak sentiment.

Contracted sales dropped 59 percent from a year earlier to 2.26 billion yuan (HK$2.41 billion), following a 51 percent year-on-year decline in December, according to Bloomberg calculations based on corporate filings.

Country Garden’s slide in home sales substantially surpasses the 3.2 percent posted by the 100 biggest real estate companies tracked by China Real Estate Information. The market is dented by weak domestic demand and a worsening job market.

Despite government support, many buyers prefer second-hand homes due to concerns that developers will still struggle to finish construction on presold projects.