(Yicai Global) March 13 -- Sales among China's top 32 real estate companies increased by half compared with last year in January and February this year, says a new report.
Total sales reached CNY712.56 billion (USD112.62 billion) in the first two months of the year, a rise of 50 percent compared to the year-ago period, driven by purchases in third- and fourth-tier cities, states a new report from Centaline Property, one of the largest real estate agencies in Hong Kong.
China’s top three property developers Country Garden Holdings Ltd., China Evergrande Group and China Vanke Co. each achieved sales exceeding CNY100 billion in the first two months. Country Garden and Evergrande's February sales grew significantly over January thanks to more property projects in third and fourth-tier cities.
Delayed purchases also attributed to the rise in sales, with some buyers putting off purchases they had originally planned for December. Despite tight restrictions on house-buying in China’s first-tier cities such as Shenzhen, third- and fourth-tier markets remain very active, said Zhang Dawei, chief analyst at Centaline Property.
Housing company sales are expected to continue to rise on a monthly basis as more properties become available in first- and second-tier cities, say analysts from real estate consulting firm CRIC China.