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Home sales shrink faster in Q1 amid cautious sentiment
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THE value and volume of home sales in China fell more quickly in the first three months of this year from the January-February period as parties continued to adopt a wait-and-see stance, government data showed yesterday.
The value of new homes sold across the country shed 7.7 percent from the same period a year earlier to 1.1 trillion yuan (US$177 billion) during the first quarter, the National Bureau of Statistics said on its website. In the first two months of the year, the value fell 5 percent year on year.
The volume of new homes sold fell 5.7 percent from a year ago to 178.3 million square meters while it shed 1.2 percent in the first two months.
“Tight credit, coupled with a worse-than-expected market performance, led to slowing momentum among both homeseekers and real estate developers,” said Yan Yuejin, an analyst at E-House China R&D Institute.
Yan also said developers “are becoming more cautious in investing and commencing construction of new homes.”
In the first quarter, investment in housing development rose 16.8 percent year on year to 1.05 trillion yuan across the country, but it fell from an 18.4 percent rise in the January-February period, the bureau’s data showed. New home starts dived 27.2 percent year on year to 212.38 million square meters during the three-month period.
In Shanghai, new home sales, excluding government-subsidized affordable housing, fell over 33 percent on year to 2.06 million square meters between January and March, according to latest data released by Soufun.com.
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