BUSINESS Property sales in major Chinese cities to decline in Q1: report

BUSINESS

Property sales in major Chinese cities to decline in Q1: report

Xinhua

14:54, February 19, 2019

BEIJING, Feb. 19 (Xinhua) -- Property sales in major Chinese cities are expected to continue shrinking in the first quarter of the year as local governments step up regulation of the housing market.

191454070mta.jpg

Photo: VCG

The total floor space of commercial housing sold in 40 cities monitored by real estate research agency E-house China R&D Institute went down 31 percent month-on-month in January.

On a yearly basis, the decline amounted to 14 percent with third- to fourth-tier cities seeing a 21-percent plunge in sales.

Shen Xin, an E-house researcher, attributed the signs of cooling to the concerted efforts of central and local authorities in curbing housing speculation and keeping home prices stable.

The number of deals in the 40 cities is expected to continue declining through the first quarter with highly probable further declines in second- to fourth-tier cities, he said.

The annual Central Economic Work Conference called for a long-term mechanism to maintain the sound development of the real estate market, under the principle that "housing is for living in, not speculation," which analysts said set the tone for China's property market regulation this year.  

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue