China’s top 100 property developers’ sales rose 3.4% on month in May, fell 33.6% on year – research 
China’s top 100 property developers’ sales rose 3.4% on month in May, fell 33.6% on year – research 

China’s top 100 property developers’ sales rose 3.4% on month in May, fell 33.6% on year – research 

 

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The top 100 Chinese property developers’ sales totalled 322.4 billion yuan in May, rising by 3.4% from the previous month, but sliding 33.6% from a year earlier, according to real estate research institute CRIC.

For the first five months of the year, the 100 developers’ sales reached 1.4 trillion yuan, sliding 44.3% from a year earlier, narrowing by 2.5 percentage points from the first four months, showed the data.

The sales in May rose slightly on month and the year-on-year drops narrowed, indicating that the supportive policy introduced in May has ensured homes sales not to worsen further, it said.

Home transactions in tier-one cities fell in both month-on-month and year-on-year terms, with only capital city Beijing recording a slight rose of 1% month on month due to rising home supply, while Shanghai, Guangzhou and Shenzhen seeing slight drops, showed the data.

Home transactions in tier-two and tier-three cities recovered slowly, rising by 6% from the previous month, but sliding 34% from a year earlier, showed the data.

The month of June is usually the midyear juncture for Chinese property developers, and that, coupled with a series supportive measures for the sector, are expected to boost home transactions in June, with the absolute volume likely to hit a new high for the year, though it will remain lower year over year due to the high base last year, said CIRC.