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Housing report notes rise in sales

By Zheng Yangpeng  (China Daily)

14:56, September 05, 2012

Potential homebuyers visit a housing exhibition in Hangzhou, Zhejiang province. Inelastic demand for homes has pushed up sales in some major cities across the country.([Photo/Xinhua)

Guangzhou sees 52% increase in purchases of new residences in May

A sales report for May published by China's largest real estate website has sounded an optimistic note on the country's under-pressure housing market.

The report, released on Tuesday by SouFun Holdings Ltd, suggests that after a long chill in new property sales, the majority of Chinese developers have recorded fresh peaks in May.

The upbeat trend is expected to continue in June, said analysts, but prices are likely to remain largely static, they cautioned.

Sales in 34 out of 40 large cities monitored across the country have seen a month-on-month increase from April to May, according to the SouFun report.

New-build sales in Guangzhou saw the largest rise, at a hefty 52 percent. Large cities such as Beijing, Chengdu and Shenzhen all achieved a growth rate above 30 percent.


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