New home prices cool as sales plum­met

China Daily (Canada) - - NEWSCAPSULE -

New home prices in 57 of 70 ma­jor Chi­nese cities in­creased month-on-month in Fe­bru­ary, ac­cord­ing to the Na­tional Bureau of Sta­tis­tics, but the growth rate is shrink­ing and the num­ber of home sales plum­met­ing.

Ac­cord­ing to Century 21, a ma­jor real es­tate bro­ker­age firm, trans­ac­tions in the pre-owned home mar­ket in most of China’s ma­jor cities, in­clud­ing Bei­jing and Shang­hai, dropped more than 50 per­cent year-on-year in the first quar­ter.

“The mar­ket per­for­mance of the sec­ond quar­ter re­ally mat­ters,” said Sang Yufeng, di­rec­tor of Century 21’s de­vel­op­ment cen­ter. “If property trans­ac­tions sta­bi­lize and pick up in the sec­ond quar­ter, then the slug­gish home sales in the first three months is just a short-term ad­just­ment,” he said. (Photo 4)

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