China’s home sales gain momentum as Beijing’s support revives confidence, reports show
Average weekly and monthly sales this month have risen substantially versus volumes before Beijing’s September 24 rescue package
Home sales in China are gaining momentum across many mainland cities in October, data from property agencies showed, suggesting Beijing’s forceful response last month to rescue the housing market has helped revive confidence among buyers.
Transactions involving new homes in 15 Chinese cities surged 24 per cent to 24,287 units last week from the preceding seven days, according to data tracked by the Lingping Real Estate Data Research Institute. Secondary home transactions increased 20 per cent to 20,724 units across 10 major cities, it added.
That is a marked improvement over this year’s average sales of 15,497 units per week leading up to Beijing’s stimulus announcement late last month.
“The policies have continued to lift market sentiment,” said Guan Rongxue, a Beijing-based senior analyst with Lingping. “The transactions showed faster momentum.”
