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New home sales tumble last year
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THE value and volume of new home sales in China fell in 2014 from a year earlier but some positive signals emerged during the last few months of the year, according to latest data released by the National Bureau of Statistics.
Between January and December, new homes sold across the country shed 7.8 percent from 2013 to 6.24 trillion yuan (US$1 trillion), the bureau said in a statement posted yesterday on its website. That compared with a 9.7 percent drop in the first 11 months of last year.
By volume, 1.05 billion square meters of new houses were sold last year, a year-on-year drop of 9.1 percent. That compared with a 10 percent fall in the January-November period.
“While the country’s real estate market started to see a correction from the beginning of 2014 with both sales and prices heading south, our data collected in the fourth quarter showed encouraging signs after some local governments eased home purchase restrictions and the central bank adjusted mortgage and finance policies,” Ma Jiantang, head of the statistics bureau, said yesterday.
The People’s Bank of China’s measures last year included a cut in the one-year lending rate by 0.4 percentage points to 5.6 percent, which took effect on November 22. The interest rate cut was the first in more than two years.
According to a report released over the weekend by the bureau, house prices across the country declined by a slower pace in December amid improved sentiment among buyers. The four first-tier cities, in particular, posted an average price rebound from a month ago in both new and existing home markets.
The buying of commodity properties, covering all types of real estate, totaled 1.2 billion square meters worth 7.6 trillion yuan last year, down 7.6 percent and 6.3 percent, respectively, from 2013, the bureau said.
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