Here is a list of the day’s latest China real estate news collected from around the web:
- Shanghai New Home Sales Snap 2-Week Rally
NEW home sales in Shanghai snapped a two-week rally by dropping 8.9 percent last week while a notable sales decline in the high-end segment dragged the average price down from a week earlier. The sales of new homes, excluding government-subsidized affordable housing, fell last week to 195,300 square meters, Shanghai Deovolente Realty Co said in a report released yesterday.
- Shui On Chairman: China’s Rate Cut Will Boost Housing Transactions
China’s latest cut in interest rates will boost transaction volumes in the housing market, but prices are unlikely to rebound substantially this year owing to an ample supply of new homes and relatively tight credit conditions, Shui On Land Ltd. 0272.HK +1.28% Chairman Vincent Lo said Tuesday. “We see (overall) market transactions picking up, as the government is making it easier for first-time home buyers,” Mr. Lo said in an interview with Dow Jones Newswires.
- China’s Conundrum: As Economy Slows, Property Market Speeds Up
China’s real-estate market saw an ominous rally in May, a warning to Beijing that its loose monetary policy could not only boost the country’s slowing economy but also reinflate a property bubble. According to China’s biggest property website SouFun, May’s purchase contracts for new-home in Beijing stood at 10,502 flats, a jump of 43% compared to the same month of last year.
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