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Listed developers have a strong start this year
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MAJOR real estate developers listed on the country's two bourses were off to a strong start in 2016 with notably improved performance which may herald a promising year ahead, industry analysts said.
The combined property sales reported as of Tuesday by 21 realty firms listed on the Shanghai and Shenzhen stock exchanges totaled 121.3 billion yuan (US$18.55 billion) in January, a year-on-year surge of 54 percent, according to Centaline Property data.
The mean cost of these properties, meanwhile, rose 10 percent from a year earlier to 11,800 yuan per square meter.
"Leading real estate developers continued to outperform their smaller counterparts in the first month of this year and this trend will probably extend during the rest months of this year with some developers suffering losses despite an overall recovery of the market since early 2015," Centaline said.
Among them, China Vanke, Evergrande, Poly Real Estate and Country Garden all reported more than 10 billion yuan worth of sales last month. Nationwide, the four companies registered property sales of 25.6 billion yuan, 21.2 billion yuan, 14 billion yuan and 12.5 billion yuan, respectively, in January, a year-on-year increase of 10 percent, 83 percent, 91.5 percent and 12.6 percent, respectively.
"Despite a month-on-month retreat in sales, many developers achieved rather robust sales in January which is usually not a high season for property purchases," said Zhu Ping, a researcher at Shanghai Homelink Real Estate Agency Co. "We expect the strong momentum to proceed this year amid eased downpayment rules as well as a generally unchanged outlook for yuan depreciation."
Earlier this month, the People's Bank of China announced that it would cut the minimum downpayment for some home purchases in smaller cities, a move aimed to "further support reasonable housing consumption and promote the stable and healthy development of the property market."
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