China’s real estate market has shown signs of a notable rebound during the National Day holiday, following a series of government stimulus measures aimed at revitalizing the sector. The week-long holiday, which began on Tuesday, witnessed a significant increase in house visits and home sales across the Chinese mainland, as reported by China Media Group (CMG) citing the Ministry of Housing and Urban-Rural Development.
In recent weeks, over 50 cities have introduced policies designed to boost the property market, reflecting the government’s commitment to stabilizing and stimulating economic growth. These measures included easing of purchase restrictions, lowering of mortgage rates, and offering incentives for first-time homebuyers.
“The surge in house visits during the holiday indicates a renewed confidence among potential buyers,” stated a spokesperson from the Ministry of Housing and Urban-Rural Development. “We are seeing a positive response to the policies implemented, with sales of homes increasing to varying degrees in many regions.”
According to the ministry, nearly 2,000 housing developments from over 1,000 property companies participated in promotional activities during the holiday period. These promotions ranged from price discounts to offering additional amenities, aiming to attract buyers in a competitive market.
The property sector is a significant component of China’s economy, and its health is closely watched by investors and analysts worldwide. The recent uptick in sales suggests that the government’s efforts to support the sector may be bearing fruit.
Local governments have been proactive in implementing the new policies. For instance, cities like Beijing, Shanghai, and Guangzhou have adjusted their housing purchase restrictions, making it easier for residents to buy homes. These changes are expected to have a lasting impact on market dynamics.
Market analysts are cautiously optimistic about the trend. “While the initial signs are encouraging, it’s important to monitor whether this momentum can be sustained post-holiday,” commented Li Wei, a real estate analyst based in Shenzhen. “Continued government support and consumer confidence will be key factors.”
The government’s focus on the real estate sector aligns with broader economic goals, aiming to ensure stable growth amid global economic uncertainties. The Ministry of Housing and Urban-Rural Development has indicated that it will continue to monitor the market closely and adjust policies as needed.
As the holiday comes to a close, all eyes are on the property market to see if the upward trajectory will continue, contributing positively to China’s economic landscape.
(With input from Reuters)
Reference(s):
China's home sales rise after raft of measures: China Media Group
cgtn.com
