New home sales in Beijing city jumped last week after latest policy easing 
New home sales in Beijing city jumped last week after latest policy easing 

New home sales in Beijing city jumped last week after latest policy easing 

 

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New homes transactions, by floor area, in China’s capital Beijing rose 16.9% in the week of Sept. 4-10 from the previous week even as they fell 20% on average across the country, according to a survey by real estate research firm China Index Academy.

However, sales by floor area in China’s four largest cities were still down 45% in the first week of September from the same period last year, according to data from Haitong Securities. 

The pickup came after the authorities took a series of measures to revive the sluggish housing market, including lowering mortgage rates and down payments. Beijing and other big cities said early September that they will allow people who have fully repaid their previous mortgage or sold their other homes to make down payments of as little as 35-40%, compared with 60-70% previously.

These measures may generate a short-term rebound in property transactions, but are insufficient to stabilize the property market, Goldman Sachs said in a note.