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Notable pickup in sentiment fuels new home sales
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New home sales in China rose in 2015 from a year earlier as buying sentiment rebounded notably in major cities, according to data released by the National Bureau of Statistics yesterday.
Sales of new homes in the country jumped 16.6 percent from 2014 to 7.28 trillion yuan (US$1.1 trillion) last year, the bureau said in a statement. But the increase was slower than the 18 percent rise in the first 11 months of last year, but better than the 7.8 percent annual drop in 2014.
By volume, 1.12 billion square meters of new houses were sold last year, a year-on-year rise of 6.9 percent. That compared with a 7.9 percent growth in the January-November period and a year-on-year drop of 9.1 percent in 2014.
Several easing measures and the central bank鈥檚 five cuts in both interest rates and banks鈥 reserve requirement ratio last year lifted home buying demand with first-tier cities and some second-tier ones benefiting the most, analysts said.
Although new home sales rebounded, real estate investment, considered a main driver of the country鈥檚 economic growth, climbed more slowly, the bureau鈥檚 data showed.
Nationwide, property investment in all types of real estate edged up 1 percent last year, slowing from a 1.3 percent rise for the first 11 months. The slow rise was also a sharp contrast to the 10.5 percent jump in 2014.
Investment in housing, which accounts for two thirds of the total property investment, added 0.4 percent last year. In the first 11 months of 2015, housing investment grew 0.7 percent, and in 2014 it climbed 9.2 percent.
鈥淐hina鈥檚 real estate sector as a whole ends on a positive note but still remains in the doldrums with optimism in the leading cities unable to translate down to the lower-tier ones,鈥 said James Macdonald, head of research at Savills China.
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