Housing transactions in key cities across China posted a sharp year-on-year decline in November, as municipal governments continue to step up their property control policies, and sales restrictions spread to third and fourth-tier cities.
Data from the China Index Academy indicates that the housing transaction floorspace for the main cities that it monitors posted a year-on-year decline of 13.33% in November.
The residential property transaction floorspace nonetheless posted on-month increase of 5.9% in November, with over 50% of key cities seeing increases compared to October.
As of the end of November the total housing stock of key cities monitored sawpostedan on-month increase of 2.2%.
The Fujian province coastal metropolis of Xiamen saw a leap of 17.28%, while key cities such as Fuzhou, Guangzhou and Nanjing all saw increases of over 5%.
Shanghai saw the biggest on-month declining in housing stock, with a drop of 4.94%.
Transaction levels are expected to further decline, as property market control policies continue to tighten across China, and sales restrictions spread to third and fourth-tier urab centres.
Over 80% in cities in Shandong province, for example, have introduced sales restriction measures for their local property markets, while other major regional centres such as Yangzhou in Jiangsu province have launched restrictions on the sale of both new and pre-owned housing.