China sees new home sales expand in H1 -

China sees new home sales expand in H1

Credit: shanghaidaily.com

  • About: 2 months ago
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THE value and area of new home sales expanded across the country in the first six months of this year as real estate developers geared up for better half-year results.

About 4.93 trillion yuan (US$726 billion) of new homes, excluding government-subsidized affordable housing, were sold between January and June, a year-on-year hike of 17.9 percent, the National Bureau of Statistics said in a statement yesterday. The pace accelerated from a rise of 15.3 percent in the first five months.

The area of new homes sold in the six-month period climbed 13.5 percent from a year earlier to 647.9 million square meters, up from a 11.9 percent growth in the first five months, the bureau’s data showed.

“Half-year results of property sales are always very important for real estate developers so that many companies would choose to boost sales in June as much as they could to get a better ranking,” said Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co. “However, this rebound would most likely be temporary as the arrival of the traditional low season of July and August will definitely damp buying sentiment again.”

Strictly enforced curbs to quell housing speculation, including stricter home purchase limits, higher downpayment requirement, mortgage rate and a lockup period for home sales, had caused new property sales to slow across the country over the past months.

Investment in residential development, which took up 67.8 percent of total real estate projects in the first half, rose 10.2 percent year on year to 3.43 trillion yuan, up 0.2 percentage point from the first five months.

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