New home transactions in China rise at slower pace

Updated 2017-08-15 14:31:10 Shanghai Daily

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 into a traditional low season for sales.

Nationwide, about 5.7 trillion yuan (3 billion) of new homes, excluding government-funded affordable housing, were sold between January and July, a year-over-year increase of 15.9 percent, the National Bureau of Statistics said in a statement yesterday. The pace slowed from a growth of 17.9 percent in the first half of 2017.

The area of new homes sold in the seven-month period climbed 11.5 percent from a year earlier to 748.7 million square meters, but this was also down from a 13.5 percent growth in the first six months, the bureau's data showed.

"July was the period when home seekers would prefer to sit on the sideline 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."

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 14 2018 20:39:38

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 12:16December 14 2018 20:39:38

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 14 2018 20:39:38

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.

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