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China’s homes are well sold in August

CHINA'S new home sales market extended its strength in the first eight months of this year despite continuously eased momentum among buyers, according to data released today by the National Bureau of Statistics.

New residential properties worth 5.7 trillion yuan (US$865 billion), excluding government-funded affordable housing, were sold during the eight months through August, a year-on-year increase of 40.1 percent. That compared with a 41.2-percent growth in the first seven months and a 44.4-percent jump in the first half.

During the same period, 774.8 million square meters of new homes were sold, an increase of 25.6 percent from the same period a year earlier. It was also slower than the 26.7-percent rise in the first seven months and a 28.6-percent gain in the first half, according to the bureau.

"The country's real estate inventory destocking measures proved to be quite effective so far with more notable decrease in the residential sector," said Shen Laiyun, a bureau spokesman. "Real estate inventories around the country, for instance, have been declining for six consecutive months so far this year when property stock dropped by a total of 30 million square meters."

Meanwhile, investment in all types of property climbed 5.4 percent in the first eight months of this year, 0.1 percentage point faster than that in the January-July period. Among that, investment in residential development rose 4.8 percent year on year, accelerating from the 4.5-percent gain registered in the seven months through July, according to the bureau.


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