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Launch of new housing developments to boost deals
By Cao Qian |
September 27, 2012, Thursday
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Print Edition
Print Edition
CHINA'S property sales will likely improve as developers launch new projects during the traditional peak season for home purchase in September and October, Moody's Investors Service said yesterday.
In August, property sales in China totalled 452 billion yuan (US$71 billion), almost unchanged from 454 billion yuan in July. In the first eight months, property sales by value rose 2.3 percent annually to 2.8 trillion yuan, Moody's said in a report.
"The developers reported low revenues in the first half of 2012 because they generally deliver projects at the end of the year," said Franco Leung, an assistant vice president and analyst at Moody's. "We expect a moderate recovery in the full-year financial results of our rated developers, as many of them have locked in a substantial portion of their revenues for the second half."
For the first eight months, 15 of the 31 developers tracked and rated by the ratings agency reported a 5.6 percent annual increase in accumulated sales.
In August, property sales in China totalled 452 billion yuan (US$71 billion), almost unchanged from 454 billion yuan in July. In the first eight months, property sales by value rose 2.3 percent annually to 2.8 trillion yuan, Moody's said in a report.
"The developers reported low revenues in the first half of 2012 because they generally deliver projects at the end of the year," said Franco Leung, an assistant vice president and analyst at Moody's. "We expect a moderate recovery in the full-year financial results of our rated developers, as many of them have locked in a substantial portion of their revenues for the second half."
For the first eight months, 15 of the 31 developers tracked and rated by the ratings agency reported a 5.6 percent annual increase in accumulated sales.
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