{"id":1231,"date":"2019-02-13T08:42:42","date_gmt":"2019-02-13T08:42:42","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1231"},"modified":"2021-06-04T14:05:04","modified_gmt":"2021-06-04T07:05:04","slug":"china-home-sales-slim-down-during-year-of-the-pig-celebrations","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/china-home-sales-slim-down-during-year-of-the-pig-celebrations\/","title":{"rendered":"China home sales slim down during Year of the Pig celebrations"},"content":{"rendered":"<p><strong>Less plump contracted sales for the mainland&#8217;s biggest developers as well<\/strong><\/p>\n<figure id=\"attachment_1232\" aria-describedby=\"caption-attachment-1232\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1232\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/China-home-sales-slim-down-during-Year-of-the-Pig-celebrations.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/China-home-sales-slim-down-during-Year-of-the-Pig-celebrations.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/China-home-sales-slim-down-during-Year-of-the-Pig-celebrations-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/China-home-sales-slim-down-during-Year-of-the-Pig-celebrations-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1232\" class=\"wp-caption-text\">Year of the Pig toy products for sale in observance of the Chinese Lunar New Year. Leeyakorn06\/Shutterstock<\/figcaption><\/figure>\n<p>The traditional lunar new year break saw a lull in new home\u00a0sales, and outlook will remain bearish thereafter, says leading market observers.<\/p>\n<p>Seventeen major cities in mainland China saw new home sales drop 56 percent year-on-year, the\u00a0<a href=\"https:\/\/www.scmp.com\/property\/hong-kong-china\/article\/2185836\/china-new-home-sales-decline-56-cent-during-lunar-new-year\" target=\"_blank\" rel=\"noopener noreferrer\">South China Morning Post<\/a>\u00a0reported, citing a research note released Tuesday by investment bank China International Capital Corporation.<\/p>\n<p>Similarly, only four out of 14 cities posted an annual growth in sales from 4 to 9 February, while the cities of Yangzhou, Fuzhou, and Zhaoqing recorded declines of 80 percent or more, as per a report by Huatai Securities.<\/p>\n<p>\u201cA major reason for the big slump is a high comparison base. In the beginning of 2018, sales were brisk and the common outlook was that the bull run would continue,\u201d Raymond Cheng, head of Hong Kong and China property research at CGS-CIMB Securities, was quoted as saying by the Post.<\/p>\n<p>\u201cA year later, the outlook is the opposite \u2013 sentiment has gone south.\u201d<\/p>\n<p>The slump is likely to persist into the new year. New home sales by volume will slump by 10 percent, especially in smaller cities where prices have experienced a rally, Cheng forecasted.<\/p>\n<p>Combined contracted sales in the 10 biggest mainland Chinese developers by sales volume posted a year-on-year slump of 15 percent during the holidays, according to the consultancy CRIC.<\/p>\n<p>The declines were not limited to real estate, as revenues in retail and catering\u00a0posted an increase of 8.5 percent during the seven-day holiday break, the lowest in a decade, data from China\u2019s ministry of commerce showed via the Post.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Less plump contracted sales for the mainland&#8217;s biggest developers as well<\/p>\n","protected":false},"author":2,"featured_media":19778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China home sales slim down during Year of the Pig celebrations | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/china-home-sales-slim-down-during-year-of-the-pig-celebrations\/\" \/>\n<meta property=\"og:locale\" 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