New home sales in Wuhan hit 17-year high in February
New home sales in Wuhan hit 17-year high in February

New home sales in Wuhan hit 17-year high in February

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

China’s central metropolis Wuhan, capital of Hubei province, saw new home transaction volume reach 12,421 units in February, with a floor area of 1.403 million square meters, marking the highest level in 17 years, according to local official data.

The sales rose 87.2% from the previous month andsurging 108.5% from a year earlier. 

Li Guozheng, market research director of China Index Academy, noted that the “explosive growth” in both month-to-month and year-on-year terms was partly due to technical factors in the Spring Festival and the warming signs have been amplified.

The current rebound in the Wuhan remains structural, with most new urban areas lacking vitality, he said.