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Housing stocks in major cities drop 8.2%
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HOUSING inventories in China’s major cities fell 8.2 percent year on year in May as sweeping destocking measures kicked in, latest industry data showed.
Floor space of unsold new homes in 100 major Chinese cities fell to 427.08 million square meters, a level last seen in March 2012, according to figures released by property research agency E-house China R&D Institute.
A total of 73 surveyed cities registered inventory declines, with the coastal city of Dalian in Liaoning Province shedding 53 percent of unsold houses in the largest drop.
Year on year, floor space of unsold new homes in first-tier cities shed 3.1 percent in May, while that for second-tier cities plunged by 10.3 percent, and third- and fourth-tier cities lost 6.1 percent.
Demand in China’s housing market has exceeded supply for six straight months as of May, when 51.61 million square meters were sold and 44.82 million square meters of new homes were built, according to the institute.
Yan Yuejin, a researcher with the institute, attributed the inventory drop to destocking measures taken by local authorities and fast-turnover approaches of real estate enterprises.
Over 40 cities unveiled a total of 50 property market rules in May, a monthly record for frequency, Centaline Property said.
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