Home sales de­cline in first two months

China Daily (Canada) - - NEWSCAPSULE -

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.” (

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