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Small rebound in new home sales

  • Published 03 Jun 2010

New home transaction volumes in first tier cities and some second tier cities staged a small rebound in the week ending June 2, though prices were mixed, data from local land reserve bureaus shows. Uncertainty continues to prevail in the market as buyers and sellers attempt to wait out the period of lacklustre sentiment. We believe that this may persist for some time unless new policies are released.

The seven day moving average of transactions in first tier cities rose 8.3% from a week earlier to 73,178 sq m per day, while second tier cities declined 0.7% to 241,737 sq m per day. Among the first tier cities, transaction volumes in Shenzhen surged the most, up 57% from a week prior to 5,538 sq m per day, while Beijing saw the smallest rise, up by just 0.1% to 9,905 sq m per day. Volumes in second tier cities were more mixed. Wuhan saw its seven day moving average of daily transaction volumes fall by 35.6% to 30,014 sq m per day, while Nanjing experienced a 23.4% week on week increase to 11,178 sq m per day.

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