China’s new home sales in­crease faster

Shanghai Daily - - BUSINESS - Cao Qian REAL ES­TATE

NEW home sales in China rose more quickly in the first five months of this year, data re­leased yes­ter­day by the Na­tional Bureau of Sta­tis­tics showed.

About 4.13 tril­lion yuan (US$644.7 bil­lion) worth of new homes, ex­clud­ing gov­ern­mentsub­si­dized af­ford­able hous­ing, were sold be­tween Jan­uary and May around the coun­try, a year-on-year rise of 12.8 per­cent, the bureau said in a state­ment posted on its web­site. The growth rate picked up from the 9.5 per­cent ex­pan­sion of the first four months.

The area of new homes sold in the first five months climbed 2.3 per­cent from the same pe­riod a year ear­lier to 490.66 mil­lion square me­ters, ac­cel­er­at­ing from the 0.4 per­cent gain in the first four months, the bureau said.

“The faster growth rates in both value and vol­ume were partly contributed to by im­proved sales per­for­mances in some third- and fourth-tier cities where rein-in poli­cies are not so tight,” said Zhao Bao­gen, an an­a­lyst at Shang­hai Homelink Real Es­tate Agency Co.

“In the mean­time, the re­cent ‘tal­ent wars’ launched by lo­cal gov­ern­ments in sev­eral ma­jor sec­ond-tier cities also caused some fluc­tu­a­tions in the hous­ing mar­ket.”

The in­ven­tory of new homes shrank again. Newly-built homes avail­able for sale as of the end of May fell 23.1 per­cent from the same time a year ago to around 280.56 mil­lion square me­ters, the bureau’s data showed. That com­pared to 285.22 mil­lion square me­ters reg­is­tered as of the end of April.

In­vest­ment in res­i­den­tial prop­erty devel­op­ment, which took up 70.1 per­cent of to­tal real es­tate in­vest­ment in the first five months, jumped 14.2 per­cent year on year to around 2.9 tril­lion yuan, the same pace as that of the first four months, ac­cord­ing to the bureau.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.