From BigGo Finance · BigGo Finance · · 1m 30s
China's pre-owned home sales up 10.7% year-on-year
China's real estate enters stock-market era as pre-owned home transactions rise for second month.
In brief
China's real estate enters stock-market era as pre-owned home transactions rise for second month. China's pre-owned home transactions rose 10.7% year-on-year for the second consecutive month, signaling the real estate market has entered the stock-market era. Originally reported by BigGo Finance.
Official data confirms stock-market era
China's National Bureau of Statistics reported pre-owned home transactions rose 10.7% year-on-year for the second consecutive month.
Pre-owned homes now 52% of total transactions
Pre-owned homes accounted for 52% of total housing transactions in January-September, signaling the stock-market era.
New home sales decline 13.2% year-on-year
New commercial housing sales area fell 13.2% year-on-year to 565 million square meters in January-September.
Real estate investment down 20.6% year-on-year
Real estate development investment dropped 20.6% year-on-year to 5.34 trillion yuan in January-September.
Funds available to developers down 21.6%
Funds available to real estate developers fell 21.6% year-on-year to 5.68 trillion yuan in January-September.
Zhang Xuetao defines stock-market era
Zhang Xuetao, director of China's Ministry of Housing and Urban-Rural Development, stated pre-owned home transactions exceeding 50% mark the stock-market era.
Li Yujia notes market bottoming out
Li Yujia, housing policy researcher, said combined new and pre-owned home transaction declines narrowed to single digits, indicating market bottoming out.
Market shifts to stock-market services
Real estate now supports economic growth through urban renewal and stock-market services rather than new construction.
The bottom line
China's pre-owned home transactions rose 10.7% year-on-year for the second consecutive month, signaling the real estate market has entered the stock-market era.
