The gradual rebound of Chinese real estate appears to be showing some semblance of stability, according to new figures by Colliers International.
On a national level, Colliers says, the ‘year-on-year decline in average home price in 70 middle-large cities narrowed in April compared to March, while on a month-to-month basis, the average price edged up for the second month in a row. This may indicate bottoming out of the overall residential price.’
At the same time, ‘overall sales volume of the top four domestic developers, Vanke, Gemdale, Poly and China Overseas, saw a surge in April, suggesting that the uptrend in Q1 continued into April.’
BizChina said with investor sentiment remaining ‘lukewarm’ new residential construction across China dropped by 15.6% year on year in April. Shanghai registered a 28.8% fall.
Colliers Interational said land acquisition during the first four months of 2009 fell markedly compared to 2008, ‘suggesting the possible re-emergence of a supply bottleneck in the property market in the medium term.’