China home sales jump during holiday as cities offer perks

Steps to revive market saw quick results but experts say more needed to seal a rebound

HONG KONG – China's latest steps to revive the housing market have had an immediate impact, judging from reports of brisk sales and buyer interest during the nation's week-long holiday.

Whether the rebound will be sustained is another matter.

In cities with residential projects running promotions, visits by prospective buyers climbed at least 50 per cent from a year earlier, CCTV news reported, citing the Ministry of Housing and Urban-Rural Development. About 130 cities across 20 provinces have rolled out perks.

Beijing city saw expressions of intent to buy new homes double in the first three days of October, the state broadcaster said.

In Shenzhen, sales of new homes jumped more than 10 times in the first six days of the month, while used-home transactions more than tripled, Cailian reported, citing Shenzhen Centaline Property figures.