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Robust buying momentum lifts sales of new homes by 18.2%
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HOME buyers in China kept their robust pace in the first three quarters of the year, data released yesterday by the National Bureau of Statistics showed.
In the first nine months, sales of new homes, excluding government-funded affordable housing, rose 18.2 percent year on year to 4.79 trillion yuan (US$753 billion), compared with 18.7 percent growth in the year through August, the bureau said in a statement on its website.
Sales by area in the period climbed 8.2 percent year on year to 732 million square meters, slightly up from an 8 percent gain in the first eight months.
“New home sales picked up in the second quarter of this year amid easing policies by both central and local governments, and the strength continued through September which is a traditional high season for property sales,” said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Ltd.
“Notably, sales by value growing faster than sales by area indicated that housing prices continued to rise.”
Investment in housing developments nationwide in the first three quarters of this year added 1.7 percent year on year to 4.75 trillion yuan, weakening from a 2.3 percent annual growth in the first eight months, the bureau’s data showed.
“While the volume of properties sold continued to improve and pricing remained roughly 7 percent above last year’s figures, there is a decided lack of appetite for new investment or land sales,” global property advisor Savills wrote in a statement.
“This is partly due to local governments being told to restrict new land sales and developers have been looking to wind down gearing levels while also refinancing at cheaper rates and reducing inventory holdings.”
The average cost of new homes in China climbed for the fifth straight month in September, a separate report released earlier by the China Index Academy showed.
The mean selling price of new homes in 100 cities gained 0.28 percent to 10,817 yuan per square meter last month, easing from a 0.95 percent growth in August, the academy said.
Nationwide, prices rose in 59 cities, up eight cities from August. Prices fell in the remaining 41 cities.
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