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Easing policies slow fall in new home sales
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SALES of new homes in China fell more slowly in the first three months of this year as favorable policies helped boost demand, data released yesterday by the National Bureau of Statistics showed.
Sales of new homes, excluding government-funded affordable housing, dropped 9.1 percent from a year earlier to 1 trillion yuan (US$161 billion) across the country between January and March, the bureau said in a statement posted on its website. It was a slower retreat from the 16.7 percent year-on-year decline registered in the first two months of this year.
The volume of new home purchases during the first quarter shed 9.8 percent year on year to 160.79 million square meters, according to the bureau’s data. Again, the decline slowed from a 17.8 percent drop recorded between January and February.
“Though the domestic property market continued its correction, we could see that the recent loosening policies by both central and some local governments are starting to take effect,” said Sheng Laiyun, a bureau spokesman.
Since last year, some local governments around the country began to lift home purchase curbs to fuel demand while the People’s Bank of China cut interest rates twice in three months, as part of efforts to help boost sentiment among home buyers and real estate developers.
Late last month, the PBOC, in conjunction with the Ministry of Housing and Urban-Rural Development and the China Banking Regulatory Commission, also eased mortgage policies for second-time buyers by cutting their minimum down payment ratio to 40 percent from the previous 60-70 percent.
“The recovery, partly driven by favorable policies, is more notable in first-tier cities where demand from first-time buyers as well as those upgrading homes remains robust,” said Lu Qilin, a researcher at Shanghai Deovolente Realty Co.
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