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China New Home Sales More than Doubled in Oct.8-14

10-16 15:26 Caijing
New house sales in 54 major Chinese cities surged 210 percent in the week through Oct.14, from the level seen before the national holiday from Oct.1-Oct.7

Chinese new home sales more than doubled in the week through Oct. 14 following a bleak week-long holiday in early October, pointing to a moderate recovery in the sector amidst the country's efforts to arrest once-sizzling house prices.

New house sales in 54 major Chinese cities surged 210 percent in the week through Oct.14, from the level seen before the national holiday from Oct.1-Oct.7, and continued a trend in place before the holiday, the official Securities Daily.

Nearly 60,000 units of new houses were sold in the week in the 54 monitored cities, it said, among which new home sales in the so-called first-tier cities including Beijing, Shanghai and Guangzhou stood at around 3,000 units for each.

The report added new house sales were more than 60,000 units in only eight of the recent 25 weeks, which indicates that prospective homebuyers are warming up to market again.

Land transactions also picked up recently, adding to signs of a real estate recovery. Six listed developers including Poly Real Estate, China's second-largest developer by market value, snatched 24 billion yuan worth of land in first and second-tier cities in five days from Oct.8.

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