Housing inventories in 100 Chinese cities continue to grow
The size of unsold new commercial residential houses in 100 surveyed Chinese cities rose 6 percent year on year to 449.27 million square meters by the end of July, an industry report showed.
The pressure of destocking housing inventories has been growing as the inventory capacity has maintained a trend of growth for eight consecutive months, according to E-house China R&D Institute.
The inventory in first-, second-, third- and fourth-tier cities by the end of July grew by 19.7 percent, 2 percent and 9.1 percent year on year, respectively.
"The inventory pressure will continue to increase with the follow-up new supply of commercial houses", said Yan Yuejin, research director at E-house China R&D Institute.
China's property market has remained stable as the government maintains tighter regulations, including curbing home purchases and stricter mortgage policies, to ensure that "house is for living in, not for speculation."