Beijing's Home Sales Jump 52%!!

Beijing's Home Sales Jump 52%!!

Posted in the China Forum

CHINA RISING

Brooklyn, NY

#1 Dec 13, 2012
Beijing Posts 52% Jump in Home Sales

Apartment sales in Beijing have jumped 52.7% year-on-year for the first 11 months of 2012, according to data from the Beijing and National Bureaus of Statistics.

Over 11.79 million square meters (126.9 mil. sq ft) of residential housing were sold in Beijing during the first 11 months of the year, excluding government-subsidized housing units made available to low-income families.

Home sales have surged despite the implementation beginning April 2010 of government regulations intended to cool the housing market and avert a real-estate bubble. These include requirements for higher down payments, strict bans on third-home purchases and new property taxes.

On the other hand, the government has more recently implemented measures to help the economy regain some of the steam it has lost due to a grim global outlook as well as the earlier cooling measures. Earlier this year the central bank had cut interest rates twice and eased bank reserve requirements.

China’s major cities have seen new home prices rise month on month for six straight months since June. In 10 first-tier cities, including Beijing and Shanghai, new home prices have risen 0.39% in November, the first year-on-year rise in 2012.

The warming housing market has caused total investment in Beijing residential and commercial real estate to exceed 290 billion yuan ($46.4 billion) from January to November.

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