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Sales of new homes up 61% through April
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CHINA’S new home sales in the first four months rose 61.4 percent year on year to 2.4 trillion yuan (US$367.4 billion), the National Bureau of Statistics said in a statement on Saturday.
The rate was higher than the 60.3 percent recorded for the first quarter and came as a result of the government’s easing policies, which included lower down payments and deed tax cuts, the bureau said.
Sales by floor area in the January to April period increased by 38.8 percent to 323.2 million square meters, accelerating from 35.6 percent in the first quarter.
“Major real estate-related indices continued to suggest bright signs as the easing measures fueled momentum,” said Li Jiao, a senior statistician at the bureau.
“We’ve also noticed a spill-over effect from key cities and regions toward smaller ones, though disparity between cities remains an issue that requires attention,” he said.
Real estate development investment in non-major cities, for instance, rose 7.8 percent year on year in the first four months, outpacing the rate of 6.7 percent for major cities for the first time in about 20 months, Li said.
Nationwide, investment in all types of property climbed 7.2 percent in the first four months, up 1 point from the first quarter, the bureau said.
Investment in housing, which accounts for 66.5 percent of the total property investment, rose 6.4 percent, accelerating from 4.6 percent growth in the first three months.
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