Daily News and Transactions across Greater China from Knight Frank
Shenzhen and Beijing lead way as sales pick up
May 24, 2012
Property sale volumes in major Mainland cities began to recover in recent weeks after slowing in April. According to a securities firm, weekly sales figures for 7-12 May indicate that tier-one cites recorded average sales volume growth of 38.5% week on week, with Shenzhen and Beijing witnessing a strong recovery from previous weeks.
Meanwhile, tier-two and three cities saw average growth of 34%, with only Fuzhou posting a decline. Dalian and Chengdu recorded the strongest sales growth of 74.8% and 81.2% week on week, respectively, among all major cities.
The improvement was spurred by a relaxation of liquidity and pent-up demand. An influx of large numbers of rural immigrants and graduates from other cities to bigger cities was generating high demand for housing, especially for first-home purchases and property upgrades.
Knight Frank Greater China Property Market News Summary