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China's new home sales shrink 6.5% in first half
By Cherry Cao |
July 13, 2012, Friday
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Online Edition
Online Edition
NEW home purchases by value fell 6.5 percent in China in the first half of this year, but the decline eased from a double-digit fall in the first five months as buying sentiment rebounded last month.
Sales of new homes, excluding government-subsidized affordable housing, totaled 1.93 trillion yuan (US$305.7 billion) across the country between January and June, the National Bureau of Statistics said today.
By volume, they fell 11.2 percent to 353.47 million square meters from the same period a year earlier, compared with a drop of 13.5 percent in the first five months.
In June alone, new homes worth 531.3 billion yuan were sold around the country, an increase of 41 percent from May.
"We don't expect the government to loosen its curbs on the property market any time soon though new policies, such as tax-related measures, are likely to be introduced in the next 12 to 24 months to replace the current administrative ones which include the home-purchase restriction," said Albert Lau, managing director of Savills China. "However, the real housing demand cannot be curbed as the population continues to grow."
Sales of new homes, excluding government-subsidized affordable housing, totaled 1.93 trillion yuan (US$305.7 billion) across the country between January and June, the National Bureau of Statistics said today.
By volume, they fell 11.2 percent to 353.47 million square meters from the same period a year earlier, compared with a drop of 13.5 percent in the first five months.
In June alone, new homes worth 531.3 billion yuan were sold around the country, an increase of 41 percent from May.
"We don't expect the government to loosen its curbs on the property market any time soon though new policies, such as tax-related measures, are likely to be introduced in the next 12 to 24 months to replace the current administrative ones which include the home-purchase restriction," said Albert Lau, managing director of Savills China. "However, the real housing demand cannot be curbed as the population continues to grow."
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