Growth of home transactions slows down
August 16, 2017 Category Real estate, Weekly
The value and area of new home transactions across China rose more slowly in the first seven months of this year as the market entered the traditional low season for sales. Nationwide, about CNY5.7 trillion worth of new homes, excluding government-funded affordable housing, were sold between January and July, a year-on-year increase of 15.9%, the National Bureau of Statistics (NBS) said. The pace slowed from a growth of 17.9% in the first half of 2017. The area of new homes sold in the seven-month period increased by 11.5% from a year earlier to 748.7 million square meters, but this was also down from a 13.5% growth in the first six months, NBS data showed. “July was the period when home seekers would prefer to sit on the sidelines mainly due to the hot weather,” said Lu Wenxi, Senior Manager of Research at Shanghai Centaline Property Consultants Co. “Meanwhile, the retreat was also normal since most developers had already geared up in June for better half-year results.”
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