Property sales plunge over holiday weekend

来源：百度文库 编辑：神马文学网 时间：2024/04/28 07:11:57

Property sales plunge over holiday weekend

08:19, May 04, 2010      

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Homebuyers look at models of new housing projects on offer at a property fair in Beijing on April 8. More than 60 percent of developers present at the fair were from China, with the remaining from countries including the United States, Australia, Canada and Thailand. Photo: IC

Property average recorded sales in Beijing tumbled abruptly over the long May Day holiday, with the daily sales of second-hand property dropping by more than 80 percent compared with the last month, according to an official real estate website.

Analysts say the abrupt cooling down of the property market in Beijing is a result of a raft of tough measures issued by the central and local governments recently to curb run-away prices. The moves include the recent limiting of homebuyers to one new apartment, but analysts also warned that the measures could deflate the property bubble in the long run, depending on their implementation.

The latest figures from the Beijing Real Estate Management Network show that the daily sales of second-hand property in Beijing dropped to 211 over the weekend, against average daily sales of 1,164 last month - an 82 percent decline.

Statistics from the website also showed on Monday that, since mid-April, among 2,377 new apartments released for sale, only one has been sold outright.

Lü Lihua, an agent with 5i5j.com, a leading realty agency, told the Global Times that this May Day holiday weekend marked the most sluggish per-formance of property sales by his company in recent years, with fewer calls and visits by potential homebuyers.

"The rent-to-sales ratio has significantly gone up recently, which means more people have decided to rent properties instead of investing to buy apartments," he said, adding that many developers have postponed selling new apartments or constructing new buildings.

Three real estate companies attached to two State-owned enterprises, Citic and Sino-Ocean, which set new land-buying price records last month, have suspended construction projects in the suburbs of Beijing, fearing that significant drops in sales prices could cost them serious money, the China Times reported on Monday.

It was unclear when they would resume construction.

"The significant drop in housing sales is inevitable, as both consumers and developers are taking a look-and-see attitude after a series of regulations since last December aimed at cooling down the red-hot real estate market," said Yin Bocheng, former director of the Real Estate Research Center at Fudan University.

"The drop is expected to continue over the next few months. The market performance depends on whether housing prices will stay at a level accept-able to consumers and developers," Yin said.

On Sunday, the second day of the May Day holiday, Beijing housing authorities announced detailed rules on implementing what was called "the toughest ever property policy" in China, which took effect Saturday, limiting families to one new property purchase.

The rules place the restrictions on each "home-buying family," which includes the homebuyer, his or her spouse and underaged children, limiting the family to one new-home purchase, including second-hand property, in the city.

The rules mark the latest in a series of measures by the central and local authorities to rein in rampant property speculation and rocketing prices.
Prices in 77 cities across the country surged 11.7 percent in March, according to the latest figures released by the National Bureau of Statistics of China.

In Beijing, the average price of a new property was 21,880 yuan ($3,205) in the first quarter of the year, up 88.4 percent over last year's level, which was 11,615 yuan, according to Centaline Property, a property agency in Beijing.

On April 15, the central government decided to raise the down payment for a family purchasing a second apartment, from 40 percent to 50 percent.

Also, higher loan rates and down payments are required for third homes and beyond. The housing authorities in the capital have also decided to suspend mortgage loans on third homes and beyond.
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