Sold floor space ends 21-month rise amid curbs
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.
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.