Post-epidemic demand drives China home sales

Growth in new home sales sped up last month as the market maintained its recovery from the battering it took during the domestic Covid-19 epidemic in the first quarter, data from a property consultancy show, reported Caixin.

Sales by China’s 100 leading property developers rose 30.7% year-on-year to RMB 976.2 billion ($142.7 billion) in August, accelerating from 25.7% growth the previous month, marking the fifth straight monthly increase, according to China Real Estate Information Corp. (CRIC), a property consultancy and data dealer.

China’s housing market has come back strong from the effects of the coronavirus as both real estate sales and investment improved.

In the January-to-July period, investment in real estate development rose 3.4% to RMB 7.5 trillion, 1.5 percentage points higher than that in the first six months, official data show.