The floorspace for new home transactions in China saw a sizeable decline in August compared to July.
A report on home transactions in 40 Chinese cities monitored by the Shanghai E-House Real Estate Research Institute indicates that the transaction floorspace for new build commercial residential property in August saw an on-month decline of 9%, alongside a YoY fall of 3%.
The on-month decline in transaction floorspace for the four first-tier cities monitored was 19%, while the YoY decline was 16%.
The on-month decline for 18 second-tier Chinese cities monitored was 10%, accompanied by a YoY rise of 6%, while the on-month decline for 18 third and fourth-tier cities monitored was 4%, accompanied by a YoY fall of 17%.
Data from CRIC (克而瑞地产研究中心) further indicates that supply generally exceeded demand in cities monitored.
According to its data new supply floorspace for 29 key cities was 24.83 million square metres in August, for an on-month rise of 13%.