Revival in China’s Housing Market: Home Sales Surge as Beijing’s Support Bolsters Buyer Confidence

Reports indicate that property sales in China are picking up pace due to increased confidence stemming from Beijing's backing. The sales figures for this month, both weekly and monthly, show a significant surge compared to the numbers prior to the rescue package that Beijing rolled out on September 24.

The housing market in China is picking up speed in several major cities during October, according to data provided by real estate agencies. This indicates that the vigorous measures taken by Beijing last month to bolster the housing market have successfully reinstilled confidence in potential buyers.

The sales of new homes in fifteen cities across China spiked by 24 per cent to 24,287 units in the past week, compared to the week before, as per the information gathered by Lingping Real Estate Data Research Institute. Furthermore, the institute reports a 20 per cent rise in the sales of secondary homes, with 20,724 units sold in ten major cities.

This is a noticeable enhancement compared to the average sales of 15,497 units each week of this year, prior to the declaration of Beijing's incentive plan late last month.

"The strategies have consistently boosted market morale," stated Guan Rongxue, a senior analyst at Lingping based in Beijing. "The deals exhibited increased momentum."