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Panic selling lifts value of new home sales
By Cherry Cao |
April 16, 2013, Tuesday
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Print Edition
Print Edition
THE value of new home purchases in China surged 69 percent from a year ago in the first quarter of this year as home seekers panicked and rushed to close deals before local governments start to implement more tightening measures.
A total of 1.2 trillion yuan (US$194 billion) of new homes, excluding government-subsidized affordable housing, were sold nationwide between January and March, according to the National Bureau of Statistics yesterday.
By volume, the new home sales surged 41 percent from a year earlier to 189 million square meters in the first quarter.
Investment in housing projects rose 21 percent year on year to 901.3 billion yuan in the first quarter, the bureau said.
"Though home sales and property investment still rose notably and remained at rather high levels in the first quarter, their pace of growth actually decelerated from the first two months of this year, indicating the country's property tightening measures are taking effect," said Sheng Laiyun, a bureau spokesman.
Between January and February, new home purchases in China soared 87 percent in value and 55 percent in volume while housing investment rose 23 percent from the same period a year ago, according to earlier data released by the bureau.
In the latest effort to cool the real estate market, the National Development and Reform Commission said on its website yesterday that all developers in the country should inform buyers in writing the prices of homes they are selling.
A total of 1.2 trillion yuan (US$194 billion) of new homes, excluding government-subsidized affordable housing, were sold nationwide between January and March, according to the National Bureau of Statistics yesterday.
By volume, the new home sales surged 41 percent from a year earlier to 189 million square meters in the first quarter.
Investment in housing projects rose 21 percent year on year to 901.3 billion yuan in the first quarter, the bureau said.
"Though home sales and property investment still rose notably and remained at rather high levels in the first quarter, their pace of growth actually decelerated from the first two months of this year, indicating the country's property tightening measures are taking effect," said Sheng Laiyun, a bureau spokesman.
Between January and February, new home purchases in China soared 87 percent in value and 55 percent in volume while housing investment rose 23 percent from the same period a year ago, according to earlier data released by the bureau.
In the latest effort to cool the real estate market, the National Development and Reform Commission said on its website yesterday that all developers in the country should inform buyers in writing the prices of homes they are selling.
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