(ECNS) -- After a package of incremental policies targeting the real estate market, China’s online signed transactions for new and second-hand residential properties increased by 3.9 percent year-on-year, marking the first positive growth since February after eight consecutive months of decline.
Data shows that the online signed transaction volume for new homes grew by 0.9 percent year-on-year in October, ending a 15-month decline since June last year. Meanwhile, second-hand home transactions increased by 8.9 percent year-on-year, continuing a seven-month streak of growth.
Since late September, a series of policies aimed at stabilizing the real estate market have been introduced. As a result, October’s transaction volume for new and second-hand homes nationwide saw a 5.8 percent month-on-month increase compared to September.
Traditionally, the real estate market sees a "Golden September and Silver October" trend. This year marks the first time since 2007 that "Silver October" outperformed "Golden September" in transaction volume.
According to Pu Zhan, deputy director of the Policy Research Center at the Ministry of Housing and Urban-Rural Development, growth in major cities was especially prominent, with new home transactions up by 14.1 percent and second-hand home transactions, up by 47.3 percent year-on-year.
Driven by a package of policies targeting both existing and new inventory, China’s real estate market is showing signs of a positive turnaround, Pu said. He expressed optimism that as policy effects continue to unfold, the real estate market is expected to maintain this upward trend.
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