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Home Transactions Crash In Second-Tier Chinese Cities翻译产业在国内二线城市崛起

October 25 --  Home transactions dropped year-on-year in 28 of 35 monitored cities last week, with the city of Changsha in Hunan province reporting the biggest drop of 76.43 percent, reports Shanghai Securities News, citing China Index Academy, an affiliate of Soufun.

The city of Yangzhou in Jiangsu province posted a 73.02 percent drop in transactions last week.

Of the first-tier cities, Shenzhen recorded the biggest fall in home transactions last week, with a decline of 65.03 percent.  

On a year-to-date basis among the major cities, Suzhou and Tianjin recorded year-on-year increases in transaction area, with Suzhou recording the highest increase of 14.59 percent year-on-year, while Chongqing posted the steepest fall in home transactions, with a drop of 36.02 percent.

Commercial home transactions in Beijing fell 8.3 percent year-on-year to 9.16 million square meters during the first three quarters, according to public data. Of the total, transactions of commercial residential homes accounted for 6.32 million square meters, down 12 percent year-on-year.

Further putting pressure on commercial home transactions is the 1.2-fold surge in affordable housing transactions to 1.98 million square meters.

The boost from the high volume of affordable housing transactions in Beijing led to a 32 percent week-on-week rise in the total transaction volume in Beijing last week to 3,671 units. Compared with the same period last year, transaction volume fell 31.5 percent.

An analyst from B.A. Consulting said 13 new developments with more than 4,000 homes were launched in Beijing last week.

Zhang Dawei from Beijing Centaline said if affordable housing transactions were not taken into account, home transactions in Beijing actually fell five percent week-on-week to 820 units last week.

Beijing had a total of 117,673 homes available for sale through October 23, a 29-month high, according to statistics from Homelink.com.cn.

Analyst Zhang Yue from Homelink said home prices in Beijing may drop in the near term due to low transaction volumes and higher inventory levels.
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