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Housing market continues to recover
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CHINA'S new housing market continued to recover amid improving confidence among home seekers, data released today by the National Bureau of Statistics showed.
More than 2.07 trillion yuan (US$334 billion) worth of new residential properties, excluding government-funded affordable housing, were sold across the country during the first five months of this year, a year-over-year rise of 5.1 percent, the bureau said in a statement on its website. That compared to a decrease of 2.2 percent registered in the first four months and a 9.1-percent drop recorded in the first quarter.
By area, 319.35 million square meters of new houses were sold nationwide between January and May, almost unchanged from same period a year ago. That compared to a 5-percent drop seen in the first four months and a 9.8-percent decrease recorded between January and March, according to the bureau's data.
"A series of easing policies introduced by the government have effectively turned around market expectations and restored home buyers' confidence over the past few months, particularly in large-sized, key cities," said Wang Baobin, a senior statistician at the bureau. "Secondly, many real estate developers have launched active marketing and pricing strategies to reduce their inventories and lastly, comparatively stable home prices also helped boost market demand."
Investment in residential development, meanwhile, climbed 2.9 percent to 2.16 trillion yuan in the first five months, decelerating from a 3.7-percent rise recorded in the first four months, according to the bureau's data.
Earlier this month, global rating agency Moody's has already changed its outlook on China's real estate sector to stable from negative amid its anticipation of modest growth in property sales over the next 12 months.
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