Deals in 16 cities climb 3pc
Property sales monitored in 16 major mainland cities by securities firm China International Capital Corp increased 3 per cent last week from the previous week.
Total sales in the 16 cities are now running at volumes that are about 80 per cent higher than they were this time last year, the data shows, with the markets of the Bohai Rim outperforming all other areas last week.
Home deals in Qingdao grew 61 per cent to a total floor area of 247,900 square metres from a week earlier, while sales in Beijing and Jinan rose 16 per cent and 32 per cent, respectively.
Average weekly sales in Beijing have now rebounded to an aggregate 343,000 sq metres so far this year, compared with weekly sales of 220,000 sq metres last year. That puts them close to the average weekly level of 381,000 sq metres in 2007.
Meanwhile, average weekly sales in Shenzhen, Guangzhou, Tianjin, Hangzhou, Changsha, Jinan, Qingdao, Suzhou and Chongqing now exceed the average levels reached in 2007.
Sales in Shanghai slipped 8 per cent to 607,900 sq metres last week. At this level, average weekly sales so far this year are still lower than in 2007. Sales in Shenzhen and Guangzhou dropped 14 per cent and 15 per cent, respectively, last week.
CICC said weekly sales growth had not been significant this month because of the high-base effect but had been in line with expectations.
