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New home purchases by value decrease at narrower margin
By Cherry Cao |
August 10, 2012, Friday
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Print Edition
Print Edition
NEW home purchases by value in China fell by a narrower margin in the first seven months of this year, dipping 1.1 percent on an annual basis, government data showed yesterday.
That compared with a year-on-year drop of 6.5 percent recorded in the first half and a 10.6 percent retreat in the first five months.
Sales of new homes, excluding government-subsidized affordable housing, totaled 2.38 trillion yuan (US$374 billion) across the country between January and July, according to the National Bureau of Statistics.
By volume, home purchases fell 7.5 percent from a year earlier to 430.78 million square meters in the period, compared with a drop of 11.2 percent in the first half and a fall of 13.5 percent in the first five months.
"Home buying momentum across the country began to pick up notably since the second quarter of this year," said Sky Xue, an analyst with China Real Estate Information Corp.
Interest rate cuts as well as discounts provided to first-time buyers led to a 41 percent month-on-month surge in new home values in June, the most in a year.
"Improved sales are expected to boost investment in land acquisitions and trigger new home starts in the third quarter," Xue said.
"The country's housing industry will most likely enter a stable stage of development sometime around the end of this year."
The statistics bureau also said investment in housing development rose 10.7 percent on an annual basis to 2.52 trillion yuan in the first seven months, compared with a 12 percent jump in the January-June period.
The number of Chinese cities seeing a month-on-month increase in home prices rose to its highest in 11 months in June, according to data released earlier by the bureau.
That compared with a year-on-year drop of 6.5 percent recorded in the first half and a 10.6 percent retreat in the first five months.
Sales of new homes, excluding government-subsidized affordable housing, totaled 2.38 trillion yuan (US$374 billion) across the country between January and July, according to the National Bureau of Statistics.
By volume, home purchases fell 7.5 percent from a year earlier to 430.78 million square meters in the period, compared with a drop of 11.2 percent in the first half and a fall of 13.5 percent in the first five months.
"Home buying momentum across the country began to pick up notably since the second quarter of this year," said Sky Xue, an analyst with China Real Estate Information Corp.
Interest rate cuts as well as discounts provided to first-time buyers led to a 41 percent month-on-month surge in new home values in June, the most in a year.
"Improved sales are expected to boost investment in land acquisitions and trigger new home starts in the third quarter," Xue said.
"The country's housing industry will most likely enter a stable stage of development sometime around the end of this year."
The statistics bureau also said investment in housing development rose 10.7 percent on an annual basis to 2.52 trillion yuan in the first seven months, compared with a 12 percent jump in the January-June period.
The number of Chinese cities seeing a month-on-month increase in home prices rose to its highest in 11 months in June, according to data released earlier by the bureau.
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