Property sales up 57.1% in june in China

There was a strong rebound of demand over the past six months, with more active transactions in Beijing, Tianjin, Chongqing, Wuhan and Hanghzou that posted 100-percent year-on-year jump in the rate of transactions. In Shenzhen, the figure exceeds 150 percent, according to the data.

China Vanke Co., the country’s largest property developer by market value, said its June revenue from property sales rose 57.1% from a year earlier to 6.86 billion yuan ($1 billion). In terms of property area, it reached 671,000 square meters, up 49.9 percent from the same month of last year.

Its statement provided to the Shenzhen stock exchange stated that property sales revenue for the first six months of the year rose 27.5% from a year earlier to CNY30.76 billion. Vanke sold about 3.49 million square meters of houses in the first half year, up 31.2 percent year on year, according to its statement released at the Shenzhen Stock Exchange on Saturday.

China Vanke didn’t provide year-earlier figures or give a reason for the sales results.

In 2008, the company experienced a 8.6-percent drop in its housing sales to 47.87 billion yuan resulting to a net profits decline by 16.7 percent from a year earlier.

Analysts say demand for residential properties in mainland China has rebounded noticeably since February following market-boosting measures by Beijing, including tax breaks, smaller down-payment requirements and lower loan rates for first-time buyers.

It is believed that falling housing costs last year and added financial support to personal loans are two reasons for the boost in the market.

However, China?s housing market should be alert to American-style risks.

The US, in order to stimulate its economy and accelerate the recovery of its real estate market, relaxed mortgage regulations and lowered lending thresholds for mortgages by requiring zero down payments and offering loans to families originally deemed incapable of repaying the loan.

However, as house prices continued to fall and interest rates rose, mortgage default rates significantly increased, triggering a chain of market crises. This is a lesson that must always be remembered.

Source : Konaxis


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