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New home sales post slower gain
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NEW home sales in China surged 40 percent in the first eight months of this year although the pace of increase slowed, according to data released yesterday by the National Bureau of Statistics.
New homes worth 5.7 trillion yuan (US$865 billion), excluding government-funded affordable housing, were sold from January to August, up 40.1 percent annually. The pace slowed from a 41.2-percent growth in the first seven months and a 44.4-percent rise in the first half.
During the eight-month period, 774.8 million square meters of new homes were sold, up 25.6 percent from the same period a year earlier. The increase was also slower than the 26.7-percent rise in the first seven months and a 28.6-percent gain in the first half, the bureau said.
“The country’s real estate inventory destocking measures proved to be quite effective so far with a more notable decrease in the residential sector,” said Shen Laiyun, a bureau spokesman. “Real estate inventories around the country, for instance, have been declining for six consecutive months so far this year when the property stock dropped by 30 million square meters.”
Investment in all types of property rose 5.4 percent in the first eight months of this year, 0.1 percentage point faster than in the seven months.
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