China’s properly sales remain sluggish despite China’s central bank enacting policies to stimulate the market.
According to China Real Estate Information Corp (CRIC), there is a consensus that the real estate sector is on a downward spiral and is truly heading for an era of negative growth.
The Chinese regime and the central bank introduced various new policies in January in an effort to revive sales. Local provincial governments in China were doing everything they can to streamline the home loan application process. Many incentives were introduced to encourage more sales.
However, China’s real estate market did not show the expected recovery. According to statistics from the China Index Academy on Jan. 31, total sales of the top 100 real estate enterprises in January was 422.33 billion yuan (about $63 billion), down 31.7 percent year-on-year, while equity sales in the top 100 real estate enterprises were 325.54 billion yuan (about $45.5 billion), down 35.2 percent year-on-year. In addition, according to the China Index Academy, the pace of land acquisition in the top 100 real estate enterprises significantly slowed down, with land acquisition amounting to 60.6 billion yuan (about $8.9 billion) in January, down 29.4 percent year-on-year….