{"id":3499,"date":"2019-07-01T11:16:31","date_gmt":"2019-07-01T11:16:31","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3499"},"modified":"2021-06-04T14:31:05","modified_gmt":"2021-06-04T07:31:05","slug":"beijing-home-resales-hit-five-year-low","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/beijing-home-resales-hit-five-year-low\/","title":{"rendered":"Beijing home resales hit five-year low"},"content":{"rendered":"

Cooldown in mainland China continues<\/p>\n

\"\"
Beijing skyline. HelloRF Zcool\/Shutterstock<\/figcaption><\/figure>\n

The volume of Beijing home resales will reach just 72,000 units in the first half of 2019, a new low for the past five years, according to Xinhua<\/a>, citing data from real estate agency Centaline Property.<\/p>\n

The projection is down six percent from H1 2018. However, 16,000 new homes will be traded in the first half of 2019, twice the volume recorded in the same period last year.<\/p>\n

The cooldown in the Chinese residential property market became apparent as early as May. Resale home prices in the tier-one cities of Beijing, Shanghai, Shenzhen and Guangzhou inched up only 0.1 percent month-on-month, down 0.3 percentage points from April.<\/p>\n

Property sales by floor area plummeted 5.5 per cent in the year to May, according to National Bureau of Statistics (NBS) data. This is the biggest decline since October 2017 when Reuters noted a sales drop of six percent. Sales had risen 1.3 percent annually in April.<\/p>\n

More: In war as in peace, Vietnam real estate is a winner<\/strong><\/a><\/p>\n

The annual property investment growth of 9.5 percent in May is also the slowest since December, according to Reuters.<\/p>\n

The decelerating property sector is \u201cconcerning\u201d to economists at ANZ. \u201cWe really need to keep an eye on its negative impact on growth,” it said in a statement.<\/p>\n

The slowdown has been imputed to weak factory activity and producer price growth, compounded by a sluggish economy in general and Beijing\u2019s trade skirmish with Washington DC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cooldown in mainland China continues<\/p>\n","protected":false},"author":8,"featured_media":20153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[187,137],"class_list":["post-3499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-beijing","tag-china","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"\nBeijing home resales hit five-year low | 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\/beijing-home-resales-hit-five-year-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beijing home 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