Home sales decline in first two months
The value of home sales fell 5 percent year-on-year to 598.5 billion yuan ($97.5 billion) in the first two months as concern grew about the outlook for the residential property sector, industry experts said.
The figure was a marked contrast with the same period last year, when sales almost doubled, according to figures released by the National Bureau of Statistics.
Analysts noted that last year’s strong performance was partly the result of a low base in the same period of 2012.
The analysts said this year’s decline reflected increasing uncertainty in the market, which has been fueled by negative comments from major real estate players.
Wang Shi, founder of the nation’s largest residential developer, China Vanke Ltd, posted a blunt warning on his micro blog: “The situation in China’s property market is very bad.” (