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People's Daily Online>>China Business

Housing deals post decline

(Shanghai Daily)

10:53, December 07, 2011

Home transactions in more than 70 percent of China's major cities in November fell monthly, with over half of them declining between 10 and 50 percent, according to a latest industry research yesterday.

The report released by Soufun.com showed that transactions fell between 10 and 30 percent in 13 cities from October while they tumbled from 30 to 50 percent in 11 cities.

Only three cities - Suzhou in Jiangsu Province, Tangshan in Hebei Province and Jinan in Shandong Province - managed to post a rise in transactions, China's largest real estate website said.

Of the country's four gateway cities, Beijing and Shanghai saw transactions gain last month from October while Guangzhou and Shenzhen registered a drop from the previous month, according to the report which tracked 47 cities in the country.

"The central government's unwavering stance to curb housing speculation has begun to have an effect on real estate developers as some of them started to offer notable discounts in order to replenish their capital," said Tang Zhengwei, a Soufun analyst. "That could help explain the monthly rebound in sales recorded in some cities though sales in the majority were still very sluggish mainly due to the stringent enforcement of home purchase restrictions."

Of the 13 cities which saw gains in transactions, seven posted growth of between 10 and 30 percent from October, Soufun data showed.

Last weekend, the Ministry of Housing and Urban-Rural Development emphasized the need to maintain property restrictions as it ordered local governments to extend curbs, some of which will expire soon.

The average home price fell in nearly 60 percent of the 47 cities from a month earlier, according to Soufun research.

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