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November 15, 2019

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New home sales soar in 10 months

New home sales in China continued to accelerate in the first 10 months of this year, the National Bureau of Statistics said in its regular monthly report released yesterday.

Between January and October, about 10.89 trillion yuan (US$1.55 trillion) worth of new homes, excluding government-subsidized affordable housing, were sold around the country, an increase of 10.8 percent from the same period a year ago. This compares with the 10.3 percent increase in the first three quarters.

By area, new homes sold during the same period climbed by 1.5 percent year on year to 1.17 billion square meters, improving from the 1.1 percent rise registered in the first nine months, the bureau’s data showed.

“The country’s new home sales market maintained its strength for another month as real-estate developers, particularly large players, continued to launch various promotional activities to attract buyers,” said Lu Wenxi, senior research manager of Shanghai Centaline Property Consultants Co.


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