New homes sales continue to rise

By Cherry Cao | June 13, 2016, Monday |

Online Edition

NEW home sales in China continued to rise in the first five months of this year despite a slower pace, the National Bureau of Statistics said in a statement today.

Countrywide, new residential properties worth 3.18 trillion yuan (US$481.6 billion), excluding government-subsidized affordable housing, were sold between January and May, a year-on-year increase of 53.4 percent. That compared to a 61.4-percent annual surge registered in the first four months.

Sales by floor area in the five-month period totaled 428.7 million square meters, a gain of 34.2 percent from same period a year earlier, according to the bureau. That also decelerated from a 38.8-percent year-on-year increase in the January to April period.

"The property market began to regain some rationality in May though growth rate in general still remained at a high level," said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Co. "The rather insignificant retreat of sales growth in the first five months, as I perceive, reflected a cool down in first-tier cities like Shanghai and Shenzhen where strict tightening measures have been implemented as well as continuously robust buying sentiment in the majority of second-tier cities."

On the investment side, money spent on development of all types of property climbed 7 percent in the first five months, dwarfed by the 7.2 percent annual rise recorded in the first four months, according to the bureau.

Investment in housing, which accounts for 66.9 percent of the total property investment, rose 6.8 percent, accelerating from 6.4 percent growth in the first four months.

Business Real Estate

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New homes sales continue to rise

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