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New home sales, value in double-digit plunge
By Cao Qian |
March 9, 2012, Friday
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NEW home purchases in China saw double-digit declines in both volume and value in the first two months of this year as government tightening measures remained in place.
Sales of new homes, excluding government-funded affordable housing, shed 16 percent year-on-year to 61.18 million square meters across the country between January and February. By value, they fell 24.7 percent to 336.6 billion yuan (US$53.4 million) from same period a year earlier, the National Bureau of Statistics said today.
"Though more than 90 percent of the cities monitored by us recorded month-on-month increases in transaction volume in February, the overall buying sentiment during the two-month period was still sluggish as government austerity measures remained strictly enforced," said Tang Zhengwei, an analyst at Soufun.com, operator of the country's largest real estate website.
Investment in housing development, meanhwhile, rose 23.2 percent year-on-year to 371.3 billion yuan, decelerating from growth of more than 30 percent in the first two months of 2011, the bureau said.
Sales of new homes, excluding government-funded affordable housing, shed 16 percent year-on-year to 61.18 million square meters across the country between January and February. By value, they fell 24.7 percent to 336.6 billion yuan (US$53.4 million) from same period a year earlier, the National Bureau of Statistics said today.
"Though more than 90 percent of the cities monitored by us recorded month-on-month increases in transaction volume in February, the overall buying sentiment during the two-month period was still sluggish as government austerity measures remained strictly enforced," said Tang Zhengwei, an analyst at Soufun.com, operator of the country's largest real estate website.
Investment in housing development, meanhwhile, rose 23.2 percent year-on-year to 371.3 billion yuan, decelerating from growth of more than 30 percent in the first two months of 2011, the bureau said.
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