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New home supply to fall in June
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SHANGHAI expects a notable drop in new home supply in June as fewer residential projects will release units for sale.
About 35 new residential developments, comprising 29 apartment projects and the rest villa developments, are set to launch locally next month, a monthly drop of 41.7 percent or an annual decline of 25.5 percent, Soufun.com, operator of the country’s largest real estate website, said in a report released yesterday.
“The significant drop is partly due to the large volume of supply in May which is usually a high season for home sales in China,” said Wang Jiaxian, a Soufun analyst.
“Moreover, the extremely sluggish sales registered so far this month also cooled developers’ enthusiasm as many of them have chosen to sit on the sidelines before an expected rebound in market sentiment.”
Sixteen of the 35 projects have not released any units before, Soufun research found.
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