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New home purchases rebound
By Cherry Cao |
July 14, 2012, Saturday
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Print Edition
Print Edition
NEW home purchases by value fell 6.5 percent in China in the first half of this year, narrowing from a double-digit decline in the first five months, as buying sentiment rebounded notably last month.
Sales of new homes, excluding government-subsidized affordable housing, totaled 1.93 trillion yuan (US$305.7 billion) across the country between January and June, the National Bureau of Statistics said yesterday. That compared with a year-on-year retreat of 10.6 percent registered during the January-May period.
By volume, they fell 11.2 percent to 353.47 million square meters from the same period a year earlier, compared with a drop of 13.5 percent in the first five months.
In June alone, new homes worth 531.3 billion yuan were sold around the country, an increase of 41 percent from May, based on the difference between the bureau's data for the first half of the year and the first five months.
"We don't expect the government to loosen its curbs on the property market any time soon, though new policies such as tax-related measures are likely to be introduced in the next 12 to 24 months to replace the current administrative ones, which include the home-purchase restriction," said Albert Lau, managing director of Savills China. "However, the real housing demand couldn't be curbed anyway as long as the country's population grows."
The two recent interest rate cuts by the central bank would help boost home sales to some extent, Lau said. But as long as the home purchase ban continues to be enforced, the overall market momentum should remain rather subdued, he said.
New home inventory climbed 42.9 percent year on year to 202.33 million square meters as of June, decelerating from an annual growth of 43.7 percent as of May, the statistics bureau's data showed.
Investment in housing development, meanwhile, rose 12 percent to 2.08 trillion yuan in the first six months, continuing to weaken from growth of 13.6 percent in the January-May period, the bureau said.
China's latest measures aimed at squeezing speculative demand out of the market proved to be quite effective as home prices maintained a stable yet downward trend in the first half, Sheng Laiyun, the bureau's spokesman, said.
A record number of Chinese cities registered year-on-year declines in home prices in May as real estate developers trimmed their profits to boost their sales, the bureau said last month.
Sales of new homes, excluding government-subsidized affordable housing, totaled 1.93 trillion yuan (US$305.7 billion) across the country between January and June, the National Bureau of Statistics said yesterday. That compared with a year-on-year retreat of 10.6 percent registered during the January-May period.
By volume, they fell 11.2 percent to 353.47 million square meters from the same period a year earlier, compared with a drop of 13.5 percent in the first five months.
In June alone, new homes worth 531.3 billion yuan were sold around the country, an increase of 41 percent from May, based on the difference between the bureau's data for the first half of the year and the first five months.
"We don't expect the government to loosen its curbs on the property market any time soon, though new policies such as tax-related measures are likely to be introduced in the next 12 to 24 months to replace the current administrative ones, which include the home-purchase restriction," said Albert Lau, managing director of Savills China. "However, the real housing demand couldn't be curbed anyway as long as the country's population grows."
The two recent interest rate cuts by the central bank would help boost home sales to some extent, Lau said. But as long as the home purchase ban continues to be enforced, the overall market momentum should remain rather subdued, he said.
New home inventory climbed 42.9 percent year on year to 202.33 million square meters as of June, decelerating from an annual growth of 43.7 percent as of May, the statistics bureau's data showed.
Investment in housing development, meanwhile, rose 12 percent to 2.08 trillion yuan in the first six months, continuing to weaken from growth of 13.6 percent in the January-May period, the bureau said.
China's latest measures aimed at squeezing speculative demand out of the market proved to be quite effective as home prices maintained a stable yet downward trend in the first half, Sheng Laiyun, the bureau's spokesman, said.
A record number of Chinese cities registered year-on-year declines in home prices in May as real estate developers trimmed their profits to boost their sales, the bureau said last month.
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