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China’s new home sales decline
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THE value and volume of new home sales in China fell in the first two months of this year, according to data released by the National Bureau of Statistics yesterday.
New homes sold across the country in January and February dropped 16.7 percent from the same period a year earlier to 498.3 billion yuan (US$80 billion), the bureau said in a statement posted on its website.
The figure was bigger than the 7.8 percent annual fall for last year.
During the two months, 77.09 million square meters of new houses were sold nationwide, down 17.8 percent from a year ago. Last year, the volume dropped 9.1 percent.
“The notable decrease in sales in the first two months could be an indicator that the market rebound registered during the last few months of 2014 might not be as sustainable as we expected earlier,” said Lu Qilin, a researcher at Shanghai Deovolente Realty Co.
“However, with more positive signs showing up, we are going to see momentum among home buyers pick up gradually in the next few months.”
In late February, the People’s Bank of China announced an interest rate cut for the second time in three months, a move that industry analysts said will help boost sentiment among both home buyers and real estate developers.
Investment in real estate development in all segments rose 10.4 percent year on year to 878.6 billion yuan across the country in the first two months of this year, the bureau said. That compared with last year’s 10.5 percent gain.
“Growth in investment at a continuously slower rate suggest that developers still remain rather cautious,” Lu said.
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