Property sales were robust in May.......>

CHINA PRESS: Property sales were robust in May despite tighter policy controls,

Securities Times reported Tuesday. 

  - Sales in 29 major cities monitored by the CRIC Research Center rose 3% m/m,

while the y/y growth was flat, the newspaper said; 

  - Property controls increased, with the property regulator issuing six

policies in 10 days, and 15 cities announcing tighter policy controls; 

  - Property companies accelerating property sales to get cash that would

relieve financing pressure and to improve their half-year results helped with

the robust sales in May; 

  - In addition, the government's restriction on listing prices of new homes led

to new property units being priced lower than second-hand houses, which has

caused home purchasers to expect higher gains in new house prices in the future,

boosting sales.