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Measures cut 20% off new homes sold
By Cao Qian |
May 12, 2011, Thursday
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Print Edition
Print Edition
GOVERNMENT'S measures to rein in speculation in the housing market have caused the volume and value of new home sales in China to tumble more than 20 percent in April from March.
A total of 64.96 million square meters of new residential properties, excluding those built under affordable housing programs, were sold across the country last month, compared with 85.67 million square meters sold in March. By value, new homes worth 324.9 billion yuan (US$49.98 billion) were transacted in April nationwide, down from 413.6 billion yuan in March. The two figures are derived from the difference between the National Bureau of Statistics's data for the first four months and the first quarter.
Between January and April, new home sales by volume rose an annual 5.8 percent to 223.45 million square meters while by value, they gained an annual 11 percent to 1.1856 trillion yuan, the bureau said yesterday.
"The monthly decline in new home transactions by both volume and value indicated that measures introduced by the central government since late January have been well implemented though prices still remain high," said Sky Xue, an analyst at China Real Estate Information Corp.
Sheng Laiyun, a spokesman for the statistics bureau, told a press conference held in Beijing yesterday that tightening policies launched by the central government to cool down the country's overheated housing market seemed to have worked, with housing-related costs in some areas of the country signaling a downward trend. He, however, didn't elaborate.
China has launched several measures since late January to curb housing speculation which has been blamed for soaring home prices. The measures include higher down payments for second homes, a ban on third-home purchases by local families and buying second homes by non-local households, as well as a property tax trial in Shanghai and Chongqing.
A total of 64.96 million square meters of new residential properties, excluding those built under affordable housing programs, were sold across the country last month, compared with 85.67 million square meters sold in March. By value, new homes worth 324.9 billion yuan (US$49.98 billion) were transacted in April nationwide, down from 413.6 billion yuan in March. The two figures are derived from the difference between the National Bureau of Statistics's data for the first four months and the first quarter.
Between January and April, new home sales by volume rose an annual 5.8 percent to 223.45 million square meters while by value, they gained an annual 11 percent to 1.1856 trillion yuan, the bureau said yesterday.
"The monthly decline in new home transactions by both volume and value indicated that measures introduced by the central government since late January have been well implemented though prices still remain high," said Sky Xue, an analyst at China Real Estate Information Corp.
Sheng Laiyun, a spokesman for the statistics bureau, told a press conference held in Beijing yesterday that tightening policies launched by the central government to cool down the country's overheated housing market seemed to have worked, with housing-related costs in some areas of the country signaling a downward trend. He, however, didn't elaborate.
China has launched several measures since late January to curb housing speculation which has been blamed for soaring home prices. The measures include higher down payments for second homes, a ban on third-home purchases by local families and buying second homes by non-local households, as well as a property tax trial in Shanghai and Chongqing.
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