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China’s property sector picks up

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Aerial photo taken on February 17, 2020 shows buildings under construction in Nanguan District of Changchun City, northeast China’s Jilin Province. Xinhua

BEIJING (Xinhua) – China’s top real estate developers saw stable sales volume in the first five months of this year, an industrial report showed. From January to May, the average sales volume of the top 100 real estate developers reached 36.91 billion yuan (about $5.21 billion), with an average of 2.73 million square metres sold, said the report released by the China Index Academy, a property research institution.

The report showed that 78 real estate companies saw their sales volume top 10 billion yuan (about $1.4 billion). Companies had to register at least 7.4 billion yuan (about $1.04 billion) of sales revenue to make the top 100 list, which was a 19.7-percent decrease compared to that of 2019.

While most of the top developers saw sales revenue decline year on year in the first five months, their sales in May increased largely month on month. The average sales volume of the top 100 real estate companies increased by 31.5 percent in May from April.

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