2013 Full Year New Home Sales In China Expected To Hit US$1 Trillion

China’s new home sales last year likely exceeded $1 trillion for the first time as property prices in cities the government considers first tier surged in the absence of more nationwide property curbs.

China Real Estate Information Corp., or CRIC, and Centaline Property Agency Ltd. both forecast that National Bureau of Statistics numbers to be released today will show 2013 sales topped $1 trillion. The value was 5.9 trillion yuan ($975 billion) in the first 11 months. New-home prices in December climbed 20 percent in Guangzhou and Shenzhen from a year earlier, and jumped 18 percent in Shanghai and 16 percent in Beijing, the bureau of statistics said Jan. 18.

Premier Li Keqiang hasn’t imposed additional nationwide measures to cool the market since his predecessor Wen Jiabao stepped up a three-year campaign in March, ordering higher down payments and interest rates for second-home loans in cities with “excessive fast” price gains. Instead, Li has left it up to individual cities to impose their own curbs, with at least 10, many of them provincial capitals, tightening local property policies since November.

Bloomberg

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