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China’s home sales surged during the National Day holiday following a series of stimulus measures aimed at reviving the struggling real estate market. State media reported increased home visits and growing sales in various regions, reflecting the effectiveness of recent down-payment and mortgage rate reductions.
China’s Property Sector Sees Growth as Stimulus Policies Boost Home Visits and Sales Nationwide
State media reported on October 5 that China's home sales increased during the National Day holiday, following a series of property stimulus measures implemented to stimulate the country's struggling real estate market since late September.
This year, policies have been implemented in the world's second-largest economy to bolster the property sector, which previously accounted for one-quarter of economic activity. These policies include reductions in down-payment ratios and mortgage rates.
CCTV, the state broadcaster, reported that the number of house visits, which indicate a willingness to purchase a home, increased substantially during the week-long holiday period that commenced on October 1. Additionally, sales of homes in numerous locations demonstrated "varying degrees" of growth.
According to CCTV, the Ministry of Housing and Urban-Rural Development reported that nearly 2,000 developments from over 1,000 property companies participated in promotions. At the same time, over 50 cities implemented policies to stimulate the real estate market.
It was also noted that the number of visits to most of the initiatives involved in the promotions increased by over 50% year over year.
Shenzhen Sees Surge in Property Interest as Cities Relax Home Purchase Restrictions and Down-Payments
The 21st Century Business Herald reported that the number of viewers to properties and transaction volumes "increased significantly" in the southern Chinese city of Shenzhen, as many real estate sales offices worked through the night to attract home buyers. However, the publication did not provide any further details.
It was further stated that certain purchasers traveled considerable distances to inspect properties.
According to Reuters, last month, Guangzhou, a city in southern Guangdong province, announced the removal of all restrictions on home purchases. Shanghai and Shenzhen, on the other hand, announced that they would relax restrictions on housing purchases by non-local buyers and reduce the minimum down-payment ratio for first-time homebuyers to at least 15%.
Those measures were implemented just days after China unveiled its most significant stimulus since the COVID-19 pandemic to alleviate the economy's deflationary state.
