The sales operation amount achieved by China's top 100 real estate enterprises in August this year decreased by 17.6% year-on-year; falling house prices and increased property market stimulus in two major first-tier cities failed to boost demand.
According to data released on Sunday (August 31) on the official WeChat account by CRIC Real Estate Research, in August this year, the top 100 real estate enterprises achieved sales operation amount of 207.04 billion yuan (RMB, 122.729 billion ringgit), down 1.9% month-on-month and down 17.6% year-on-year. The year-on-year decline narrowed by 6.7 percentage points compared with July, but the single-month performance scale remained at a historically low level. This is also the sixth consecutive month that the sales operation amount of the top 100 real estate enterprises has declined.
CRIC Real Estate Research stated that in terms of cumulative performance, the top 100 real estate enterprises achieved a sales operation amount of 2.07088 trillion yuan, down 13.1% year-on-year, with the decline expanding by 0.6 percentage points.
According to Bloomberg News, the slump in China's real estate market has lasted for more than four years, with housing sales declining further since the second quarter. The intensification of falling house prices also indicates that the effects of stimulus measures launched by the government a year ago are diminishing, deepening concerns about deflation.
There are growing calls for further policies to support the property market. Both Beijing, the capital of China, and the financial center Shanghai relaxed home purchase restrictions in August, but analysts say these measures are only “marginal positives.”
Securities Daily earlier quoted Yan Yuejin, Deputy Director of the Shanghai E-House Real Estate Research Institute, as saying that “stabilizing the property market” is still important and urgent. The current period is a crucial new window for real estate companies to clear inventory and a key period for boosting housing sales; it is necessary to make good use of the traditional “golden September and silver October” peak season to better match housing supply and demand.
Yan Yuejin noted that judging from trends in local policies, it is expected that related local policy documents on urban village redevelopment will be issued more quickly in September. Key projects in subway corridors, areas concentrated with universities, industrial clusters, and large-scale urban villages will be the ongoing focus of local redevelopment efforts in various regions in the future.
According to data released on Sunday (August 31) on the official WeChat account by CRIC Real Estate Research, in August this year, the top 100 real estate enterprises achieved sales operation amount of 207.04 billion yuan (RMB, 122.729 billion ringgit), down 1.9% month-on-month and down 17.6% year-on-year. The year-on-year decline narrowed by 6.7 percentage points compared with July, but the single-month performance scale remained at a historically low level. This is also the sixth consecutive month that the sales operation amount of the top 100 real estate enterprises has declined.
CRIC Real Estate Research stated that in terms of cumulative performance, the top 100 real estate enterprises achieved a sales operation amount of 2.07088 trillion yuan, down 13.1% year-on-year, with the decline expanding by 0.6 percentage points.
According to Bloomberg News, the slump in China's real estate market has lasted for more than four years, with housing sales declining further since the second quarter. The intensification of falling house prices also indicates that the effects of stimulus measures launched by the government a year ago are diminishing, deepening concerns about deflation.
There are growing calls for further policies to support the property market. Both Beijing, the capital of China, and the financial center Shanghai relaxed home purchase restrictions in August, but analysts say these measures are only “marginal positives.”
Securities Daily earlier quoted Yan Yuejin, Deputy Director of the Shanghai E-House Real Estate Research Institute, as saying that “stabilizing the property market” is still important and urgent. The current period is a crucial new window for real estate companies to clear inventory and a key period for boosting housing sales; it is necessary to make good use of the traditional “golden September and silver October” peak season to better match housing supply and demand.
Yan Yuejin noted that judging from trends in local policies, it is expected that related local policy documents on urban village redevelopment will be issued more quickly in September. Key projects in subway corridors, areas concentrated with universities, industrial clusters, and large-scale urban villages will be the ongoing focus of local redevelopment efforts in various regions in the future.