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Pace of new home sales spirals
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SALES of new homes continued to gain pace in the first seven months of this year, data released yesterday by the National Bureau of Statistics showed.
About 6.63 trillion yuan (US$961.5 billion) worth of new homes, excluding government-subsidized affordable housing, were sold between January and July nationwide, an annual rise of 16.2 percent, the bureau said in a statement posted on its website. The growth rate accelerated from the 14.2 percent rise in the first half and the 12.8 percent gain in the first five months.
The area of new homes sold in the first seven months climbed 4.2 percent from the same period a year earlier to 780.46 million square meters, picking up as well from the 3.2 percent growth in the first half and the 2.3 percent increase in the first five months.
“Despite the fact that July is a traditional low season for property sales, mainly because of the hot weather, real estate developers around the country were all geared up to unload their inventories as financing costs remain high, while no signs of policy loosening can be expected anytime soon,” Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co, said.
The inventory of new homes continued to shrink. Newly-built homes available for sale as of the end of July fell 21.4 percent from the same time a year ago, to 268.69 million square meters, the bureau’s data showed. That compared with 274.14 million square meters posted as of the end of June, and 280.56 million square meters as of the end of May.
Investment in housing development, which took up 70.5 percent of total real estate investment in the first seven months, rose 14.2 percent yearly to 4.64 trillion yuan, beating the 13.6 percent growth in the first six months.
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