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New home sales drop over 11 months
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THE value and volume of new home sales in China fell again in the first 11 months of this year, according to latest data released by the National Bureau of Statistics.
From January to November, new homes sold across the country declined 9.7 percent from the same period a year earlier to 5.3 trillion yuan (US$864 billion), the bureau said in a statement posted yesterday on its website.
In the first 10 months, the value shed 9.9 percent.
During the 11-month period, 890 million square meters of new homes were sold nationwide, down 10 percent from a year ago. Between January and October, the volume fell 9.5 percent.
But there was an overall rebound in property sales countrywide last month due to recent supportive policies launched by the central government, which included an interest rate cut — the first in more two years.
The purchases of commodity properties — covering all types of real estate — rose to 132 million square meters worth 809.6 billion yuan in November around the country, the highest monthly volume and value registered so far this year, according to the data.
Effective on November 22, the People’s Bank of China cut the one-year lending rate by 0.4 points to 5.6 percent. The one-year benchmark deposit rate at commercial banks was cut by a quarter point to 2.75 percent.
Investment in real estate development in all segments, including residential, office and retail, rose 11.9 percent year on year in the first 11 months of this year, the bureau said.
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