Local govt curbs hit China home sales for Jan and Feb
Value falls 5% to 598b yuan, volume dips 1.2%
Add BT as a preferred source[SHANGHAI] China's home sales fell in the first two months of the year as local government property measures to rein in rising prices weakened buyer sentiment.
The value of homes sold fell 5 per cent to 598.5 billion yuan (S$123 billion) from the same period a year earlier, the National Bureau of Statistics said yesterday. That compared with an almost doubling in sales in the first two months of 2013. The government doesn't provide data for individual months and releases a compounded figure throughout the year.
"The bad figures from the property sector are sending the government an alarm that it will somehow need to relax restrictions on the sector," said Jack Gong, a Hong Kong-based property analyst at Orient Finance. "The economy is slowing down obviously and property is intertwined with so many other industries."
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