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December 5, 2016

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Home sales by floor area drop

CHINA’S property market continued to cool as total floor space of sold apartments in major Chinese cities in November suffered the first year-on-year decline in 21 months.

Last month, some 19.9 million square meters were sold in 30 major cities, a 4.2-percent drop from the same period last year, according to data compiled by E-house China R&D Institute.

On a monthly basis, the fall was 10.5 percent, with Beijing shedding 7.9 percent and Shanghai dropping 24.6 percent, respectively. Second- and third-tier cities also posted month-on-month declines, with Hangzhou and Suzhou leading the retreat.

The decline came after authorities introduced a slew of measures in October to rein in house prices and curb speculative house buying, including purchase limits and tougher mortgage limits.

New rules were imposed this month, with Shanghai lifting minimum downpayment requirements and raising interest rates by 10 percent for second-time borrowers from the government’s Housing Provident Fund.

The year-on-year drop is set to continue this month as the cooling policies have proven effective, said Yan Yuejin, senior researcher with E-house China R&D Institute.


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