INDUSTRY BRIEF: China home sales up during National Day holiday – state media
The number of people viewing houses in China increased significantly at the start of the weeklong National Day holiday, as home sales increased in many places, Reuters reported, citing a state media report. CCTV quoted the Ministry of Housing and Urban-Rural Development as saying that more than 50 cities have launched measures to revitalize the real estate market, with more than 1,000 real estate companies conducting promotions, involving nearly 2,000 developments.
The central and local governments have launched a series of policies to stimulate the housing market since late September, including lowering mortgage rates and down payment ratios, which have significantly boosted housing transaction volumes. But new housing supply remains high, and will require time for the market to absorb.
By Lau Chi Hang
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