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New home transactions fall 18% last year
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NEW home transactions in 50 Chinese cities fell 18 percent year on year in 2017 amid tough government curbs on speculation, a private survey showed.
The annual figure came in after transactions of new homes shed for the 10th consecutive month in December 2017, which was down 13 percent year on year to 27.37 million square meters, according to statistics compiled by E-house China R&D Institute.
New home transactions in Beijing and Shanghai slumped 38 percent and 28 percent in December, respectively, compared with the same period in 2016.
“This has reflected a cooling trend in the market,” said Lai Qin, researcher with the institute.
China’s property market has cooled as home prices have faltered or posted slower growth in major cities amid government policies to curb speculation.
Real estate investment in China rose 7.5 percent year on year during January-November last year, down from 7.8 percent in the first 10 months, official data showed.
Lai said local governments are set to maintain stable and consistent property policies, which could lead to a further drop in home transactions in January.
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