Value and volume of new home sales fall

By Cherry Cao | April 16, 2014, Wednesday |

Online Edition

THE value and volume of home sales in China fell at a quicker pace in the first three months of this year compared to the January-February period as wait-and-see sentiment continued to prevail in the market, government data showed today.

The value of new homes sold across the country dropped 7.7 percent from the same period a year earlier to 1.1 trillion yuan (US$178 billion) during the first three months, the National Bureau of Statistics said on its website. That compared to a year-on-year decline of 5 percent registered in the first two months of this year.

By volume, new home sales retreated 5.7 percent year on year to 178.3 million square meters, the bureau said. Between January and February, home sales area shed 1.2 percent year on year.

"Tight credit coupled with worse-than-expected market data led to slowing momentum among both home seekers and real estate developers," said Yan Yuejin, an analyst at E-House China R&D Institute, a property services provider. "Many developers are becoming more cautious with investment and commencing construction of new homes while focusing more of their attention on unloading their inventories."

In the first three months of this year, investment in residential property rose 16.8 percent year on year to 1.05 trillion yuan across the country, compared to an 18.4 percent rise registered in the January-February period, the bureau's data showed. New home starts, meanwhile, dived 27.2 percent on year to 212.38 million square meters during the three-month period.

In Shanghai, new home sales, excluding government-subsidized affordable housing, dived more than 33 percent year on year to 2.06 million square meters between January and March, according to Soufun.com.

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Value and volume of new home sales fall

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