Buyers boost real estate
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China Daily, August 11, 2011
Major real estate developers reported strong business in the first seven months of this year as sales rebounded.
Poly Real Estate Group Co said that it sold 3.876 million square meters between January and July, an annual rise of 24.4 percent, while the value of contracts jumped 75.1 percent annually to 44.52 billion yuan (US$6.93 billion), the Guangzhou-based developer said in a filing to the Shanghai Stock Exchange yesterday.
Shanghai-listed Gemdale Corp also told the exchange yesterday that it sold 986,000 square meters during the first seven months of the year, an increase of 72.4 percent, while contracted sales surged 112.7 percent year on year to 13.73 billion yuan.
But austerity measures that were launched by the central government from late January to curb housing market speculation saw Poly's sales by floor area post a year-on-year drop in April for the first time. Gemdale also suffered declines in both floor area and values in April following a drop in contracted areas in March. Since May both companies have recovered amid a rebound in sentiment among buyers.
"Some Chinese developers, particularly those with operations in smaller cities, may still register good sales this year as home-buying demand remains strong in most of the country's third- and fourth-tier cities," Philip Wu, director and head of residential for DTZ's East China operations, said last week during an online interview with Netease.com.
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