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China's property sales down 0.5% in Jan-Jul

Aug. 13, 2012 (China Knowledge) - The sales of properties developed by China's real estate companies decreased 0.5% YoY to RMB 2.87 trillion in the first seven months of this year, narrowing from a 5.2% decline in the first six months, according to the latest statistics released by the National Bureau of Statistics (NBS).

The country's sales of residential properties declined 7.5% YoY to RMB 4.31 trillion during the seven-month period, and sales of office properties rose 12.2% to RMB 104.8 billion. Sales of properties for commercial purpose rose 1.2% to RMB 336.2 billion.

Property sales in East China saw a decline of 1.5% YoY, hitting RMB 1.75 trillion. Property sales in Central China rose 4.9% YoY to RMB 542.6 billion, and sales in West China dropped 2.3% to RMB 582.5 billion.
Real estate developers in China sold 485.93 million square meters of properties during the period from January to July, down 6.6% compared with the corresponding period of 2011.  
The NBS said the country's investment in the property development saw a slower growth of 15.4% YoY to RMB 3.68 trillion in the first seven months, of which RMB 2.52 trillion was for residential property development, 10.7% more than that in the same period of last year.

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