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Promising year looms for realty firms
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Major Chinese developers listed on China鈥檚 two bourses got off to a strong start in 2016 that may herald a promising year ahead, industry analysts said yesterday.
As of Tuesday, 21 developers listed on the Shanghai and Shenzhen stock exchanges reported combined property sales of 121.3 billion yuan (US$18.55 billion) in January, a year-on-year surge of 54 percent, according to Centaline Property data.
The medium cost of these properties rose 10 percent from a year earlier to 11,800 yuan per square meter.
鈥淟eading real estate developers continued to outperform their smaller counterparts in the first month of this year and this trend will probably extend during the rest of this year,鈥 Centaline said.
China Vanke, Evergrande, Poly Real Estate and Country Garden registered property sales nationwide of 25.6 billion yuan, 21.2 billion yuan, 14 billion yuan and 12.5 billion yuan, respectively, in January, an annual rise of 10 percent, 83 percent, 91.5 percent and 12.6 percent.
鈥淒espite a month-on-month retreat in sales, many developers achieved rather robust sales in January which is usually not a high season for property purchases,鈥 said Zhu Ping, a researcher at Shanghai Homelink Real Estate Agency Co. 鈥淲e expect the strong momentum to proceed this year amid easier downpayment rules.鈥
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