Chinese new-home sales rose more than 20% year-on-year over the three-day New Year holiday starting from Dec. 31, due to promotions, support policies taking effect and the gradual release of pent-up demand after high COVID-19 cases, reports Reuters.
Among 22 cities selected by the China Index Academy, the average daily floor area of homes sold rose 27.1% from last year’s holiday season.
“Home buyers’ visits to housing showrooms increased in some cities,” said the academy. “Pent-up demand due to the impact of the epidemic in December was released during the New Year’s holiday after the infection passed its peak in some cities.”