Property sales in China decline in July
- Source: Xinhua
- [10:31 August 05 2009]
- Comments
Property sales across 30 cities in China fell 4 percent in July as prices soared and supplies dwindled with big cities feeling the pinch for the first time this year, analysts said.
According to the UWIN property transaction system, the floor space of apartments sold in July dipped 5.37 percent over June to 1.04 million sq m.
Statistics put out by the Beijing Real Estate Transaction website showed that sales of forward delivery housing in Beijing fell to 10,862 units last month, compared to 12,840 units in June.
Property transactions in Guangzhou fell 36 percent over June. The figure is only half of that of May, said Guangzhou's official property website.
"The fall has been triggered by high property prices and shrinking supplies in some cities," said Qin Xiaomei, head of research, Jones Lang LaSalle Beijing. "Property developers have slowed down the pace of new projects in the second half after robust sales in the first half," she said.
Property prices in China's 70 major cities were up 0.8 percent in June, the fourth month-on-month growth in a row this year, according to statistics from the National Development and Reform Commission.
Beijing and Shanghai reported a month-on-month growth of 0.4 and 1 percentage points respectively in June, with prices skyrocketing to record highs of 2007 in some areas, fueled by strong investment, purchase demand and higher land prices.
