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Property Transaction Values in China Down

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real estate  China  Bloomberg  Chinese Real Estate  CNY  Johnson Hu  Asset Bubbles 

Property Transaction Values in China Down

By - Monday 16 May 2011

Home sales transaction value among homes in China fell by 21 per cent over the course of April.

This is according to the latest statistics from the government, which suggested that the measures to tackle risks of asset bubbles have taken effect.

Bloomberg reported that the value of homes sold fell from 324.9 billion yuan (USD 30.73 billion) from 413.6 billion yuan in March.

Johnson Hu, a property analyst based in Hong Kong, told the news agency: "The government's measures have started to take effect.

"This is in line with market sentiment, even though home prices remain high."

Meanwhile, the figures also revealed that investment in Chinese real estate rose by 34 per cent to 1.3 trillion yuan in the first four months of the year.

The country intends to build ten million affordable homes with the help from this funding.

It was shown that new home construction climbed by 21 per cent over the first four months of 2011 to reach 440.1 million square metres.

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