Here is a list of the day’s latest China real estate news collected from around the web:
- China housing transactions decline in August
Properties nationwide saw prices rise and transactions dip in August, but analysts expect both sales volume and prices to pick up again in September and October. In August, China’s newly built residential properties traded at 8,738 yuan ($1,380) per square meter on average, 0.24 percent higher from a month earlier, rising for the third straight month, figures from the China Real Estate Index System suggested on Monday. According to the real estate research publication operated by Soufun Holdings Ltd, 63 out of the 100 cities tracked in the report saw higher new-home prices in August, with 10 of them up more than 1 percent from July.
- China PMI for services surges in August
The service industry has shown persistent growth and may help counteract a recent slowdown in manufacturing, business leaders said. The Purchase Managers’ Index, a key gauge of factory output, also indicates activity in the non-manufacturing sector. That index surged to 56.3 last month from July’s 55.6, according to data released on Monday by the National Bureau of Statistics and the China Federation of Logistics and Purchasing. The NBS reported on Saturday that, due largely to a protracted export slump, the manufacturing PMI fell from 50.1 in July to 49.2 in August, the lowest since November 2011.
- Is China’s Economy Losing Its Fire
China’s economy is showing mounting signs of deterioration from manufacturers to banks, heightening the risk that outgoing Premier Wen Jiabao will miss his growth target for the first time since taking office in 2003. China has not failed to exceed the Communist Party’s annual growth target since the throes of the Asian financial crisis in 1998, and a miss of this year’s 7.5-per-cent goal may complicate a once-a-decade leadership handover next March.A private sector manufacturing purchasing managers’ index (PMI) released yesterday by HSBC stood at 47.6 , its lowest level since March 2009, with the employment sub-index also at a 41-month low.
- Home prices in China up for third straight month
Average housing prices in 100 major Chinese cities rose in August from July, marking the third straight month of gains and suggesting that property prices in Asia’s largest economy have bottomed out. A survey of property developers and real estate firms showed that the average price of housing last month was 8,738 yuan (S$1,721) a square metre, up 0.24 per cent from 8,717 yuan in July, data provider China Real Estate Index System said yesterday.
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