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Real estate recovers as sales improve
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CHINA’S real estate market continued to recover as sales of the country’s main developers improved for the first half of this year.
China Vanke, the country’s biggest property developer by sales, reported a 9 percent year-on-year sales rise in the first half, while sales for Guangzhou-based Evergrande Real Estate Group surged 25.7 percent.
Developers have also been investing in new projects. In June, China Vanke bought eight pieces of land for property development.
Major developers such as Gemdale Corp and Beijing Capital Development Co have also been buying land in big cities such as Beijing and Hangzhou since May.
The continuous improvement of the real estate sector was partly attributed to lower borrowing costs, as the central bank has cut interest rates three times since the beginning of this year.
On average, new home prices rose 0.56 percent in June compared with May, said a report released earlier by the China Index Academy, an institute that provides housing price data.
The academy forecast that both supply and demand for new homes will stay relatively high and that the inventory pressures in major cities will gradually ease in July.
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