- CNTV English - CCTV News

Guangzhou new home sales reach record high

04-10-2012 10:48 BJT

Watch Video

Play Video

Home prices in most major Chinese cities may be continuing their downward trend, but sales are going the other way as buyers are enticed by deeper discounts from property developers and the government relaxes policies for first-home buyers.

Guangzhou, a major industrial hub on the nation’s southern coast, saw new home sales surge nearly 50 percent in March from the previous mont, the highest number of transactions since June of last year. Among the sales, 71 percent were to first-home buyers.

Home sales in Guangzhou surged 46 percent in March. Some insiders are predicting that the city’s sluggish property market is turning a corner.

Data also indicates that home prices in Guangzhou dropped at a slower pace than seen in other major Chinese cities. The average price of new homes stood at 11,300 yuan per square meter, down less than a hundred yuan compared with February. Meanwhile, the average price for pre-owned homes increased 4.2 percent month on month. Analyst say, the easing of policies for first-home buyers is behind the rebound.

Han Shitong, researcher of Public Economy Institute of Peking University said, "To start with, mortgages are easier for first-home buyers to get, and then, there are also discounts offered on homes. It has a double impact on home prices. Mortgages drop, while home prices also decline, so residents are enticed to buy."

But does it mean the property market is finally picking up? According to Han, that remains to be seen.


Editor:Zhang Rui |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program