MNI China Press Digest March 11: Housing, Car Prices, Railway

Highlights from Chinese press reports on Tuesday:

• China’s second-hand housing market transaction volume increased 38.45% y/y last week in 10 key cities, continuing the recent recovery, Securities Times reported. Second-hand transactions in first-tier Shenzhen have risen five consecutive weeks as purchasing sentiment increased, the newspaper said. Key cities are anticipated to ease restrictive policies further, while all regions are set to intensify efforts to support buyers utilising their Housing Provident Fund, according to the China Index Academy.
• China saw new car average prices reach CNY30,000 during the first two months of the year, a decrease of 12.6%, with new energy vehicles down 13%, data from the Passenger Car Association showed. Plug-in hybrid models saw price reductions of less than 10%, indicating stronger demand, the Association said. The market will heat up after March as the government introduces subsidies, easing the ongoing price war.
• China’s railways transported 726 million passengers over January and February this year, up 4.7% y/y and setting a record high, data from the China State Railway Group showed. A representative from the Group said the nation saw an accelerated movement of students, migrant workers, families visiting relatives and tourists, leading to a strong growth in railway passenger traffic. (Source: Securities Daily)