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Data suggest new house sales continue to suffer
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NEW home sales in China declined at a faster rate in the first four months of this year, by both value and volume, as the lack of enthusiasm among homebuyers continued, government data showed yesterday.
The value of new homes sold across the country dropped 9.9 percent from the same period a year earlier to 1.53 trillion yuan (US$246 billion) during the January-April period, the National Bureau of Statistics said on its website. In the first quarter, the value fell 7.7 percent year on year.
The volume of new homes sold dropped 8.6 percent from a year ago to 245.2 million square meters while it shed 5.7 percent in the first three months.
Tighter credit at commercial banks has effectively kept homeseekers on the sidelines, which has caused a couple of non-major cities around the country to introduce policy loosening, industry analysts said earlier.
Similar cautious sentiment prevailed among developers as investment in real estate development continued to decelerate.
Investment in housing development rose 16.6 percent year on year to 1.53 trillion yuan across the country between January and April, compared with a 16.8 percent rise in the first quarter and an 18.4 percent increase in the first two months, the bureau’s data showed.
“It is no surprise that optimism is gradually fading among developers following sluggish sales registered over the past few months,” said Yan Yuejin, an analyst at E-House China R&D Institute. “The main priority for developers at the moment would be to unload their inventories rather than expand further.”
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