Housing sales hit a wall on renewed curbs
November saw a substantial slowdown in transactions, both by value and area, following government's new policy direction
It’s official now real estate transactions by value and area slowed substantially in November after Beijing stepped up tightening measures across the country to preventproperty markets from toppling over on excessive speculation.
New property sales came in at 1.102 trillion yuan (US$ 160 billion) and a total of 154.91 million square meters last month, expanding just 13.3% and 7.9% from a year earlier, respectively.
of expansion appearrobust, but in fact are considerably lower than the 41.2% and 26.8% in sales value and area during the first ten months of 2016.
The Chinese government thehousing market October, raising down payments on mortgages and disqualifying home buyers from new bank financing to acquire multiple properties.
Concerns have regarding ability to maintain satisfactory growth for the coming year extraordinary housing boom that elemental in propelling the economy slowdown during2016.