Real estate markets in major Chinese cities cool

16:31, May 06, 2010      

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The floor space of houses sold in 26 Chinese cities all fell in the week from April 26 to May 2, according to the latest weekly report of real estate markets in 32 major Chinese cities released by the China Index Academy. However, land transactions have become more active.

Nanjing witnessed the largest decline in its total floor space of houses sold last week, down nearly 78 percent from the week before last.

Excluding cheap housing for low-income people, the floor space of houses sold in Beijing rose by less than 1 percent last week, and the floor space of houses sold in eight key cities such as Shanghai, Shenzhen, Tianjin, Chongqing and Guangzhou all dropped by over 20 percent. The exception was Chongqing, which only witnessed a 6 percent decline.

Chen Sheng, vice president of the China Index Academy, said that the government's control policies have significantly cooled the real estate market, and more developers have taken a wait-and-see approach.

Data showed that land transactions have become more active since many cities released their plans on residential land supply last week. Seventy lots of land were auctioned in 20 key cities last week, up 35 percent from the week before last, with a total area of over 4.8 million square meters, up 102 percent from the week before last. Forty-nine lots of land were sold, down 37 percent from the week before last, with an area of over 3.4 million square meters, up 37 percent from the week before last.

By People's Daily Online


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