China's easing of property market curbs gives Beijing home sales a boost

📆 11-9-2023 15:36:00
📰 Reuters

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New home sales in Beijing jumped last week, keeping property showrooms open late into the night to meet demand, in a sign government efforts to revive the sector are yielding some results in the Chinese capital if not elsewhere in the country.

A survey by real estate research firm China Index Academy showed on Monday new homes transactions in Beijing rose 16.9% by area sold in the week of Sept. 4-10 from the previous week even as they fell 20% on average across the country.

"These measures may generate a short-term rebound in property transactions, but are insufficient to stabilize the property market," Goldman Sachs analysts said in a note. "I'm worried that if I don't buy soon, there won't be any good flats left," said Zhang, as he visited a development by state-owned CR Land in northern Beijing with his wife and daughter.Real estate agents were trying to sell the remaining 10% of the project's total of 1,000 apartments, keeping doors open for potential buyers until 10:30 p.m. over the weekend, three hours longer than initially planned.

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