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Since a series of economic stimulus policies began taking effect in late September, this year’s “Silver October” real estate transactions outpaced those of “Golden September” — the first time this has happened since 2007.
Analysts said yesterday that China’s property market development trend is quietly shifting, with continuous growth in home sales anticipated in the final months of the year.
September and October are traditionally two peak transaction months for homes, widely known in the country as the “Golden September, Silver October” period.
In recent years, however, this season was relatively quiet regarding property transactions but this year stands out.
In October, the real estate market activity improved, with several indicators showing year-on-year growth after a prolonged period of declines, latest data from Ministry of Housing and Urban-Rural Development showed.
Real estate transactions in China’s first-tier cities — Beijing, Shanghai, Guangzhou, and Shenzhen — showed marked growth, with online new home sales up 14,1 percent year-on-year and second-hand home sales rising by 47,3 percent, the data showed.
In October, Beijing saw 17 000 online second-hand home transactions — a 19-month high — while new home sales increased by 50,1 percent month-on-month, data from Beijing Municipal Commission of Housing and Urban-Rural Development showed.
Since November, Beijing’s second-hand home sales have maintained the recovery momentum from October, remaining at relatively high levels, China Securities Journal reported on Monday. — Global Times.
Online Reporter