Beijing, China — China's real estate market witnessed a significant uptick in home sales during the National Day holiday, following a series of property stimulus measures implemented since late September. The China Media Group (CMG) reported on Saturday that the government's efforts are beginning to bear fruit, revitalizing a crucial sector of the nation's economy.
The week-long holiday, which commenced on Tuesday, saw a marked increase in the number of house visits across the country. This surge reflects a growing willingness among potential buyers to invest in property, a positive sign for a market that has faced challenges in recent months. According to CMG, citing the Ministry of Housing and Urban-Rural Development, sales of homes in numerous regions experienced varying degrees of growth.
By Friday, over 50 cities had introduced new policies aimed at stimulating the real estate market. These measures range from easing purchase restrictions to offering financial incentives for both buyers and developers. In collaboration with these policy changes, nearly 2,000 developments from more than 1,000 property companies participated in promotional activities, offering discounts and special offers to attract buyers.
The ministry highlighted that these combined efforts are intended to stabilize the property market, promote healthy economic development, and meet the housing needs of the population. The positive response during the holiday period suggests that consumer confidence is on the rise, and the real estate market may be poised for continued recovery.
The National Day holiday, known as Golden Week, is traditionally a peak period for property sales in China. This year's enhanced performance is particularly noteworthy against the backdrop of global economic uncertainties. Analysts are watching closely to see if this momentum will sustain in the coming months, potentially signaling a robust rebound for China's real estate sector.
Reference(s):
China's home sales rise after raft of measures: China Media Group
cgtn.com
