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Home buying momentum remains robust in China
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HOME buying momentum remained robust in China, according to data released today by the National Bureau of Statistics.
In the first nine months of this year, sales of new residential properties, excluding government-funded affordable housing, rose 18.2 percent year on year to 4.79 trillion yuan (US$751 billion), decelerating from 18.7 percent growth in the year through August, the bureau said in a statement on its website.
Sales by area in the period increased 8.2 percent annually to 732 million square meters, compared to an 8 percent gain registered in the first eight months.
"New home sales picked up in the second quarter of this year amid a series of loosening policies by the both central and local governments and the strength extended through September which is a traditional high season for property sales," said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Ltd. "Notably, the fact that sales by value grew way faster than sales by area indicated that housing prices continued to rise."
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