Sold floor space ends 21-month rise amid curbs

China Daily (Canada) - - NEWS CAPSULE -

China’s prop­erty mar­ket con­tin­ued to cool down as to­tal floor space of sold apart­ments in ma­jor Chi­nese cities in Novem­ber ex­pe­ri­enced the first year-on-year de­cline in 21 months.

In Novem­ber, some 19.9 mil­lion square me­ters were sold in 30 ma­jor cities, 4.2 per­cent less than the same pe­riod last year, ac­cord­ing to sta­tis­tics com­piled by E-house China R&D In­sti­tute.

The de­cline came af­ter Chi­nese au­thor­i­ties in­tro­duced a slew of mea­sures in Oc­to­ber to rein in house prices and con­tain spec­u­la­tive house pur­chases, in­clud­ing pur­chase lim­its and tougher mort­gage lim­its.

The year-on-year de­cline is ex­pected to con­tinue in De­cem­ber with less spec­u­la­tive home buy­ers, said Yan Yue­jin, se­nior re­searcher with E-house China R&D In­sti­tute.

It proves the ef­fec­tive­ness of the cool­ing poli­cies and means nar­rowed home price rises in a more sta­bi­lized mar­ket, Yan said.

PRO­VIDED TO CHINA DAILY

A mother and cafe owner in Xi’an, cap­i­tal of Shaanxi prov­ince, built a tower with about 10,000 books as a re­minder to par­ents not to place too much pres­sure on their chil­dren about ed­u­ca­tion.

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