Chinese Property Firms Surge Despite Sales Decline
Chinese property developers saw a surge in shares despite a decline in sales, thanks to government support measures.
Chinese Property MarketReal EstateHong KongGovernment SupportReal Estate NewsJul 03, 2024
The impact of a significant government package of assistance measures announced in mid-May on stabilising the nation's failing real estate sector is being actively monitored by the market. According to statistics from property researcher CRIC, sales value at China's top 100 real estate developers was down 16.7% from a year earlier in June but increased 36.3% from May, a narrower loss than the 33.7% annual decline in May.
The research company stated that it anticipates more house purchases and that the annual decline in July will continue to reduce because of the low base from the previous year. China Index Academy, a different real estate research firm, said on Monday that the typical cost for new homes across 100 cities edged up 0.15% month-on-month in June, their slowest pace in five months.
Frequently Asked Questions
What is the current state of the Chinese property market?
The Chinese property market is seeing a decline in sales, but shares of property firms are surging due to government support measures.
Which companies saw an increase in shares?
State-backed China Resources Land, privately held CIFI Holdings, Longfor Group, Shimao Group, and Agile all saw increases in shares.
What was the impact of the government's assistance package on the real estate sector?
The government's package of assistance measures announced in mid-May is being actively monitored by the market and is expected to stabilise the nation's failing real estate sector.
What is the expected trend for house purchases in the coming months?
The research company anticipates more house purchases and that the annual decline in July will continue to reduce because of the low base from the previous year.
What was the change in the typical cost for new homes across 100 cities in June?
The typical cost for new homes across 100 cities edged up 0.15% month-on-month in June, their slowest pace in five months.
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