Friday, July 10, 2020
Martin Hennecke

Property sales surge in China
Real estate transactions in November increased year-on-year and month-to-month, The China Index Academy said yesterday. Among the 19 major cities, transactions from different tiers cities rose with various degrees. In November, the volume of transactions in first-tier cities as a whole increased by 22.3 percent month-on-month, while Shanghai saw a large increase of 34 percent. The overall increase in transactions was 35.8 percent year-on-year, in which Shenzhen saw a large increase of approximately 69 percent. In the second- and third-tier cities, nearly 70 percent of the cities saw their transaction volume rise monthly, including transactions in Yangzhou which rose 53.78 percent, but excluded transactions in Fuzhou which fell by 34.24 percent. Meanwhile, several Chinese developers announced their sales records, with China Evergrande (3333) reporting its contracted sales rose last month to 8.8 percent year-on-year to 37.06 billion yuan (HK$41.2 billion). Contracted sales area in November was approximately 3.87 million square meters, while the average contracted selling price of properties was 9,589 yuan per sq m. Shimao Property's (0813) contracted sales surged 60 percent year-on-year to 30.5 billion yuan in November, surpassing its whole-year target. Its contracted sold area in November amounted to 1,783,066 sq m, with the average selling price at 17,106 yuan per square meter. Guangzhou R&F Properties' (2777) contracted sales for the first 11 months inched up 6 percent year-on-year to 120.35 billion yuan but was 40 billion yuan less than its sales target. Its contracted sales in November amounted to approximately 13.71 billion yuan with 1,276,900 sq m sold.

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