Sixty-eight of China’s 100 major cities saw new home inventory remain high at 14 months or longer
DATA REAL ESTATE
Sixty-eight of China’s 100 major cities saw new home inventory remain high at 14 months or longer
DATA REAL ESTATE

Sixty-eight of China’s 100 major cities saw new home inventory remain high at 14 months or longer

 

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The total area of unsold new homes in China’s 100 major cities fell by 3.6% year over year to 50.5 million square meters as of the end of May, according to Shanghai E-House Real Estate Research Institute.

But 68 out of the 100 cities may need at least 14 months to sell all newly-built homes, indicating that home sales in mainland China remain sluggish, said the report.

It attributed the long turnover period to the weaker housing demand in the second quarter, as well as to the extreme heat waves during the Dragon Boat Festival weekend which dampened holiday home sales.