Growth of China's new home purchases stays at slower pace

By Cherry Cao | September 10, 2013, Tuesday |

Online Edition

NEW home purchases in China rose at a continuously slowing pace in the first eight months of this year, the National Bureau of Statistics said today.

The value of new homes sold across the country between January and August increased 35.7 percent year-on-year to 3.85 trillion yuan (US$628 billion), compared with growth of 39.9 percent in the first seven months and a 46 percent rise in the first half of this year, bureau data showed.

By volume, they climbed 24.4 percent from same period a year ago to 634.07 million square meters, also decelerating from its annual growth of 27.1 percent between January and July and the 30.4 percent rise in the first six months of this year.

For August, new home sales stood at 514.6 billion yuan and 86.59 million square meters, compared to July’s 516.5 billion yuan and 86.58 million square meters, data showed.

Today’s data came after a China Index Academy report released last week showing extended home price rallies had been registered around the country. The average price of homes in 100 major Chinese cities climbed 0.92 percent from July to 10,442 yuan per square meter in August, extending growth for the 15th consecutive month.

Investment in housing development, meanwhile, rose 19.2 percent year on year to 3.57 trillion yuan in the first eight months, the bureau data showed.

Real Estate

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Growth of China's new home purchases stays at slower pace

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