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China new housing sales post strong gains
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The value and volume of new home sales in China last year grew by double digits from 2012, official data showed yesterday.
The value of new homes sold last year jumped 26.6 percent from a year earlier to 6.77 trillion yuan (US$1.1 trillion), the National Bureau of Statistics said on its website. The volume of new home purchases totaled 1.16 billion square meters nationwide, a year-on-year rise of 17.5 percent.
“2013 was a record year for the country’s residential property market with new home sales by value and volume both hitting historical highs,” said Sky Xue, an analyst with China Real Estate Information Corp. “Pent-up demand from first-time buyers as well as upgraders was robust during the past 12 months with first-tier cities leading price gainers.”
The prices of new homes, excluding government-funded affordable housing, continued to rise in China in December as 65 of the 70 cities tracked by the bureau climbed from a month earlier, according to data released on Saturday.
Year on year, the prices in 69 cities rose. The prices in Shanghai, Beijing, Guangzhou and Shenzhen gained 21.9 percent, 20.6 percent, 20.4 percent and 20.3 percent, respectively, the bureau’s data showed.
The price momentum will likely extend for another year, analysts predicted.
“Residential prices in first-tier cities will continue to go up while those in second-tier cities may in general rise at a slower pace,” said Helen Liu, general manager at Beijing Holdways Information and Technology Co.
Liu doesn’t see further cooling measures in the short term.
New home starts nationwide rose 11.6 percent from a year earlier to 1.46 billion square meters and funds in housing development surged 19.4 percent to 5.9 trillion yuan last year, the data showed.
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