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June 15, 2017

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Buyers shelve purchases of new homes

MORE home buyers in China shelved their purchase plans as strictly enforced restrictions to quell speculation continued to bite, resulting in slowing new property sales.

More than 3.66 trillion yuan (US$537 billion) of new homes, excluding government-subsidized affordable housing, were sold during the first five months of this year, up 15.3 percent annually, the National Bureau of Statistics said in a statement yesterday. But the growth slowed from a rise of 16.1 percent in the first four months and a gain of 20.2 percent in the first quarter.

The area of new homes sold during the five-month period rose 11.9 percent from a year earlier to 479.57 million square meters, slowing from a 13 percent increase in the first four months and a 16.9 percent gain from January to March, the bureau’s data showed.

Zhang Dawei, a chief analyst at Centaline Property, blamed the slowing home sales to tightening measures implemented in first and second-tier cities around the country, including stricter home purchase curbs, higher down-payment requirement and mortgage rate as well as a newly introduced lockup period for home sales.


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