Chinese property developers rally as top homebuilders’ sales picked up in Feb
Chinese property developers rally as top homebuilders’ sales picked up in Feb

Chinese property developers rally as top homebuilders’ sales picked up in Feb

 

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Shares of property developers are rallying in Hong Kong, with Yuexiu Property surging 6.4%, while CIFI Holdings and Poly Developments jumping nearly 6%, and Powerlong, Greentown China, and Longfor Group up more than 4%.

According to data from real estate research firm CRIC, China’s top 100 property developers’ companies achieved a sales of 461.56 billion yuan in February, a month-on-month increase of 29.1% and a year-on-year rise of 14.9%. 

Separate data from the China Index Academy also showed that in the first two months of this year, the total sales of China’s top 100 real estate companies amounted to 984.11 billion yuan, a drop of 4.8% from a year ago, improving significantly from a 29.2% decline in the same period last year.

Industry insiders believe that, the pent-up home demand amid the epidemic and the Spring Festival holiday was released rapidly in February, the housing market activity in key cities has rebounded and the current market has entered a stabilizing stage.

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