Home » Business » Real Estate
Housing transactions pick up
Source: Bloomberg News |
December 10, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S November housing transactions rose 12 percent, rebounding from a decline in October as lower home prices attracted buyers.
The value of homes sold last month climbed to 416.4 billion yuan (US$65.4 billion), based on data from the National Bureau of Statistics yesterday. That's up from 372.3 billion yuan in October when housing sales slumped 25 percent, the first retreat in three months as the government intensified measures to cool the housing market this year.
China's residential values fell for a third month in November as developers cut prices to boost sales amid expanded housing curbs, according to SouFun Holdings Ltd. The government this year increased down-payment requirements and mortgage rates on some homes and imposed housing purchase restrictions in about 40 cities to avert a housing bubble.
"The rebound is normal because the home transaction data are volatile in the short term," said Xiao Jian, a Beijing-based property analyst at South West Securities Co. "It doesn't change the long-term downward momentum because the government's curbs are still in place."
Investments in homes, office buildings, malls and other types of real estate climbed 30 percent to 5.5 trillion yuan in the first 11 months of this year, the statistics bureau said. New property construction rose 21 percent to 1.7 billion square meters.
Premier Wen Jiabao has said the government won't relax property curbs. The central bank also hiked interest rates three times and reserves ratio six times in 2011, before cutting the reserve requirement this month for the first time in three years.
China's property market has reached a "tipping point" and the slowdown in the housing industry will have a spillover effect on demand for steel and other construction materials, according to Nomura Holdings Inc. The risk of economic growth falling to less than 8 percent in 2012's first quarter is also higher because of the housing market, Zhang Zhiwei, a Hong Kong-based economist at Nomura, said last month.
Home sales volume rose 7.5 percent in the first 11 months from a year earlier to 796 million square meters, according to the data.
"One explanation for the increase in home transactions is some of the October data may have been postponed," said Johnson Hu, a Hong Kong-based property analyst at CIMB-GK Securities Research.
The value of homes sold last month climbed to 416.4 billion yuan (US$65.4 billion), based on data from the National Bureau of Statistics yesterday. That's up from 372.3 billion yuan in October when housing sales slumped 25 percent, the first retreat in three months as the government intensified measures to cool the housing market this year.
China's residential values fell for a third month in November as developers cut prices to boost sales amid expanded housing curbs, according to SouFun Holdings Ltd. The government this year increased down-payment requirements and mortgage rates on some homes and imposed housing purchase restrictions in about 40 cities to avert a housing bubble.
"The rebound is normal because the home transaction data are volatile in the short term," said Xiao Jian, a Beijing-based property analyst at South West Securities Co. "It doesn't change the long-term downward momentum because the government's curbs are still in place."
Investments in homes, office buildings, malls and other types of real estate climbed 30 percent to 5.5 trillion yuan in the first 11 months of this year, the statistics bureau said. New property construction rose 21 percent to 1.7 billion square meters.
Premier Wen Jiabao has said the government won't relax property curbs. The central bank also hiked interest rates three times and reserves ratio six times in 2011, before cutting the reserve requirement this month for the first time in three years.
China's property market has reached a "tipping point" and the slowdown in the housing industry will have a spillover effect on demand for steel and other construction materials, according to Nomura Holdings Inc. The risk of economic growth falling to less than 8 percent in 2012's first quarter is also higher because of the housing market, Zhang Zhiwei, a Hong Kong-based economist at Nomura, said last month.
Home sales volume rose 7.5 percent in the first 11 months from a year earlier to 796 million square meters, according to the data.
"One explanation for the increase in home transactions is some of the October data may have been postponed," said Johnson Hu, a Hong Kong-based property analyst at CIMB-GK Securities Research.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
