China's new home sales continue to grow by slower pace in the first four months
New home sales in China continued to expand by a slower pace in the first four months of this year, data released today by the National Bureau of Statistics showed.
About 3.06 trillion yuan (US$482.2 billion) worth of new homes, excluding government-subsidized affordable housing, were sold between January and April, a year-on-year rise of 9.5 percent, the bureau said in a statement posted on its website. The growth rate slowed from the 11.4 percent expansion in the first quarter.
The area of new homes sold in the first four months edged up 0.4 percent from the same period a year earlier to 366.67 million square meters, decelerating from the 2.3 percent increase registered in the first three months, the bureau said.
"As tightening measures were rolled out intensively in March and April in various parts of the country, new home transactions either expanded at a slower pace or shrank at a faster rate," said Zhao Baogen, an analyst at Shanghai Homelink Real Estate Agency Co.
"In general, the eastern part of the country, where the strictest rein-in policies remain in place, suffered larger setbacks while the central, western and northeastern parts of China all recorded slower growth."
The inventory of new homes continued to shrink. Newly-built homes available for sale as of the end of April fell 24.5 percent from the same month a year ago to around 285.22 million square meters, the bureau's data showed. That dropped from 291.67 million square meters registered as of the end of March.
Investment in residential property development, which took up 69.7 percent of total real estate investment in the first four months, jumped 14.2 percent year on year to around 2.13 trillion yuan, up 0.9 percentage point from the first quarter.