MNI BRIEF: Housing Sector Sales Likely Lower In March - CRIC
Real estate sales in March will likely fall year on year as the market needs time for expectations to recover, although they would rise month on month, China Real Estate Information said in a report on Thursday.
The data provider said February property sale revenue fell 20.9% m/m and 60% y/y for the 100 largest property developers, with the fall mainly down to the Spring Festival. No significant signs of market supply and demand improvement are expected in the short term, CRIC added.
First-tier cities in China will likely ease homebuying restrictions progressively to stimulate demand without stirring up house prices, however, limited policy intensity and low consumer confidence could still stunt any durable sales rebound, advisors and analysts recently told MNI. (See: MNI: China's Mega Cities To Ease Homebuying Limits Progressively)