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November 12, 2015

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China’s home sales climb slowly

CHINA’S housing market grew by a slightly slower pace in the first 10 months of this year, data released yesterday by the National Bureau of Statistics showed.

From January to October, sales of new homes, excluding government-subsidized affordable housing, rose 18 percent year on year to 5.47 trillion yuan (US$859 billion), slightly slower from the 18.2 percent growth in the first three quarters, the bureau said in a statement.

The area of homes sold climbed 7.9 percent from the same period a year ago to 837 million square meters, easing from an 8.2 percent gain in the January-September period.

“The retreat in buyers’ momentum was mainly confined to non-core cities while major cities continued to maintain a rather unchanged growth rate compared with the first nine months,” said Li Jiao, a senior statistician at the bureau. “Secondly, we’ve seen a notable decelerating pace of growth particularly in the large-size house category around the country, which refers to homes exceeding 144 square meters.”

Lu Qilin, director of research at Shanghai Homelink Real Estate Agency Co, said: “Home purchases by both value and area have entered a mild growth trajectory in September and October, possibly indicating an end to robust increases.”

But Lu said the high home prices may deter buyers.

“It seems that the average cost of new homes has surged to a very high level that many Chinese home seekers may find it hard to afford if it continues to rise.”

The average price of new homes in China rose for the sixth straight month in October, the China Index Academy said earlier.

The mean selling price of new houses in 100 cities monitored by the academy rose 0.3 percent month on month to 10,849 yuan per square meter in October, slightly up from a 0.28 percent growth in September. Prices rose in 48 cities and dropped in the other 52 cities.


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