Off season triggers property sales decline in Jan.
BEIJING, Feb. 10 (Xinhua) - A total of 15 listed Chinese property developers have released their sales data for January and six of them reported year-on-year declines, including industry leaders such as China Vanke (000002.SZ; 01036.HK) and Poly Real Estate Group (600048.SH).
China Merchants Property Development (CMPD, 000024.SZ) announced Monday evening that its floor space sales and contracted value dropped 44.09 percent and 33.94 percent, respectively, year on year in January to 193,600 square meters and 2.78 billion yuan.
Industry insiders reckon that January is a traditional off season for the real estate industry and fewer property development programs will be launched. Decline in sales data is a normal seasonal phenomenon.
Nevertheless, many property developers say that the development of property market has divided in different regions, the overall inventory pressure is still heavy, and they will be prudent in making sales targets for this year. (Edited by Luo Jingjing, firstname.lastname@example.org)