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China’s residential property sales gain 16.8% in year through July
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SALES of new homes in China continued to gain momentum in the year through July, according to data released yesterday by the National Bureau of Statistics.
In the first seven months, sales rose 16.8 percent year on year to 3.48 trillion yuan (US$545 billion), accelerating from 12.9 percent growth in the first half and 5.1 percent in the year through May, the bureau said in a statement on its website.
The figures do not include transactions involving government-subsidized affordable housing.
Sales by area in the period increased 6.9 percent from the first seven months of last year to 530 million square meters. Again, that represented an acceleration from 4.5 percent in the first six months and level growth in the January-May period, the bureau said.
“Extremely robust buying momentum was registered in several major cities, including Shenzhen, Ningbo and Hangzhou, where property sales by value surged by more than 70 percent, bolstering the national figure,” said Li Jiao, a senior statistician at the bureau.
“Residential property was the best-performing segment within real estate,” he said.
Meanwhile, investment nationwide in housing developments in the first seven months rose 3 percent year on year to 3.53 trillion yuan, accelerating for the first time this year, from 2.8 percent in the first half.
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