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China new home sales improve in October
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THE value and volume of new home sales in China fell at a slower pace in the first 10 months of this year amid improving sentiment among buyers in October, the National Bureau of Statistics said today.
New houses sold across the country fell 9.9 percent in the January-October period from a year earlier to 4.63 trillion yuan (US$755 billion), the bureau said on its website. In the first three quarters, the value dropped 10.8 percent year on year.
Meanwhile, 776 million square meters of new houses were sold during the 10-month period, a decrease of 9.5 percent from a year ago. They sank 10.3 percent year on year between January and September.
"The central bank's announcement in late September of a cut in mortgage rates and minimum down payment levels for some buyers did help boost momentum in the country's housing market last month," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co. "The latest government move is leaving quite significant psychological impact on home seekers though at the moment not so many of them can benefit from the policy change."
Buyers who own a home and have paid off their mortgage are now considered as first-home buyers and are eligible for discounted mortgage rates of as much as 30 percent off the benchmark lending rate, the People’s Bank of China said on the last day of September. Previously, they had to pay 10 percent or more above the benchmark. In terms of down payments, the new rule is that all first-home buyers can pay as little as 30 percent of the total price, while the original rule stated a buyer of a second home was subject to a minimum 70 percent down payment.
Investment in housing developments, meanwhile, rose 11.1 percent to 5.24 trillion yuan in the first ten months of this year, the bureau said. In the first three quarters investment climbed 11.3 percent.
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