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July 16, 2016

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Home » Business » Real Estate

New home buying up at slower pace

By Cao Qian | July 16, 2016, Saturday | Print Edition

PURCHASES of new homes climbed by a slower pace in China in the first half of this year, the National Bureau of Statistics said in a statement yesterday.

New homes worth 4.18 trillion yuan (US$626 billion), excluding government-subsidized affordable housing, were sold during the six-month period through June, a year-on-year jump of 44.4 percent. But the figure was down from a 53.4 percent growth in the first five months and a 61.4 percent jump between January and April.

A total of 570.9 million square meters of new homes were sold in the first half, up 28.6 percent year on year. That also weakened from the 34.2 percent increase in the first five months and the 38.8 percent annual surge in the January-April period.

“Despite the slower pace of sales, buying sentiment among home seekers still remained generally vibrant, reducing overall inventories around the country,” said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Co. “Looking forward, this weakening trend will probably extend with sales growth losing steam in first and key second-tier cities while that in lower-tier ones remaining rather stable.”

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