The Chinese real estate sector has seen a surge in home transactions in terms of total floorspace for key cities, following the launch of policies to stabilise the market in response to the Evergrande debt debacle.
Transactions of residential commercial housing in terms of total floorspace saw a month-on-month rise of 48% in 30 key Chinese cities in March, according to data from CRIC.
First-tier cities saw an on-month rise of 7%, while 26 key second and third-tier cities posted an on-month increase of 56%
The surge arrives following efforts by China’s central government to stabilise the property market following the disruptions caused by the debt woes of major developers such as Evergrande Group.
The 30 key cities monitored by CRIC nonetheless saw a 47% decline in the floorspace of residential commercial housing traded in March compared to the same period last year, indicating that market performance remains extremely lacklustre.