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在线翻译:
szdaily -> Business_Markets -> 
Property sales pick up in May
    2018-06-15  08:53    Shenzhen Daily

REAL estate investment growth in China slowed in May but remained firm, with sales growth hitting a near one-year high, defying fresh purchase curbs and higher financing costs and indicating resilience in one of China’s main economic drivers.

Property investment rose 9.8 percent in May from the same period a year earlier, compared with a 10.2 percent rise in April, according to calculation based on National Bureau of Statistics (NBS) data. It grew 10.2 percent in the first five months of the year.

The figure mainly focuses on residential real estate but also includes commercial and office space.

Real estate directly affects about 40 business sectors in China and is a major driver for the economy. But a market boom has raised bubble concerns and prompted more than 100 cities to take measures to tame soaring home prices.

In a sign of growing confidence among property developers, new construction starts measured by floor area rose 20.5 percent in May from a year earlier, picking up from 2.9 percent in April.

Property sales by floor area rose 8 percent in May year on year, the fastest pace since June 2017 and turning around from a 4.1 percent drop in April, as transaction volume in smaller cities climbed.

“The jump in sales may largely be due to more financing pressure faced by property developers, so they are looking to push more projects into the market for funds despite price caps on new launches,” said Joe Zhou, head of research for commercial property agency JLL China.

The mild slowdown in investment reflected slower construction, but developers’ appetite for land and transactions remained high, with buyer demand picking up in smaller cities.

Major Chinese property developers, such as Country Garden and Evergrande Group, have reported solid sales growth for the first five months of this year.

The data come even as slew of smaller cities in China rolled out fresh tightening measures in May aimed at containing fast-rising property prices. (SD-Agencies)

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