New home sales in China climb 9.9%

Updated 2017-12-15 09:35:12 Shanghai Daily

Sales of new homes in China maintained their single-digit growth in the first 11 months of this year while housing inventory continued to fall, data released yesterday by the National Bureau of Statistics showed.

More than 9.57 trillion yuan (.45 trillion) worth of new homes, excluding government-subsidized affordable housing, were sold between January and November, a year-over-year increase of 9.9 percent, the bureau said in a statement posted on its website. That compared to the 9.6 percent gain in the first 10 months and the 11.4 percent rise in the first three quarters.

The area of new homes sold in the 11-month period climbed 5.4 percent from a year earlier to 1.26 billion square meters, slowing from a 5.6 percent gain in the first 10 months and a 7.6 percent rise in the first three quarters, according to the bureau's data.

"Home prices in some overheated markets have been brought under control now while property sales and real estate investment both maintained moderate growth, evidence that tightening measures implemented around the country have been effective in helping maintain a stable market," said Mao Shengyong, the bureau's spokesman.

"In the next step, we will accelerate reforms and step up efforts to build a long-term scheme, particularly through the introduction of some tax, land and financial policies, to make sure houses are built to live in rather than to make a profit."

By inventory, about 308.33 million square meters of new homes were available for sale across the country as of the end of November, down from 314.84 million square meters at the end of October. That represented a drop of 23.8 percent year on year, the bureau said.

Investment in residential development, which took up 68.4 percent of total real estate investment in the first 11 months of the year, climbed 9.7 percent year on year to 6.867 trillion yuan, down 0.2 percentage points from the first 10 months.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 20 2018 20:44:15

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 20 2018 20:44:15

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 20 2018 20:44:15

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords