China’s new home purchases continue to rise

By Cao Qian | July 15, 2016, Friday |

Online Edition

PURCHASES of new homes continued to climb in China in the first half of this year despite a slower pace, the National Bureau of Statistics said in a statement today.

New homes worth 4.18 trillion yuan (US$624 billion), excluding government-subsidized affordable housing, were sold during the six-month period through June, a year-on-year increase of 44.4 percent. That compared with a 53.4 percent growth in the first five months and a 61.4 percent jump between January and April.

By volume, a total of 570.9 million square meters of new residential properties were sold in the first half, an annual rise of 28.6 percent. That also decelerated from the 34.2 percent increase in the first five months and the 38.8 percent year-on-year surge in the January-April period.

"Despite the slower pace of sales, buying sentiment among home-seekers still remained generally vibrant, reducing overall inventories around the country effectively," said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Co. "Looking forward, this steam-losing trend will probably extend with sales growth in first- and key second-tier cities withdrawing further while that in lower-tier one remaining rather stable."

Meanwhile, investment in all types of property climbed 6.1 percent in the first half of this year, slower down from the 7 percent annual increase in the first five months and the 7.2 year-over-year gain in the first four months, according to the bureau.

Real Estate

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China’s new home purchases continue to rise

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