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China’s top 100 property developers’ sales amounted to 3.99 trillion yuan in the first seven months of the year, decreasing by 4.6% from a year earlier, according to data compiled by China Index Academy, a leading real estate research firm in the country.
For July alone, the 100 developers’ sales slumped by 34.1% from a year earlier and tumbled 33.8% from the previous month, showed the data.
New home transactions, by floor area, in China’s 100 major cities declined by about 20% in July from the previous month and dropped by more than 20% from a year earlier, showed the data.
Given the government’s policy to ensure delivery of sold but unfinished properties, real estate project completions reached 339.04 million square meters in the first half of the year, rising by 19% from a year earlier, and of that, completions of residential properties reached 246.04 million squarer meters, rising by 18.5% year over year.
The authority is expected to accelerate the pace of introducing and optimizin real estate policy, the academy said.
In key tier-one and tier-two cities, property restrictions imposed during the overheating housing markets are expected to be gradually adjusted and the sector will see a “policy bottom”, it said.
If the policy can be implemented as soon as possible to inject confidence to the market, key tier-one and tier-two cities are expected to see housing markets pick up gradually, though it takes time to go from the “policy bottom” to the “market bottom”, it said.