Jinwu Financial News | Domestic housing stocks continued to be pressured. Xuhui Holding Group (00884) fell 4.69%, Jinhui Holdings (09993) fell 3.5%, Ocean Group (03377) fell 3.28%, China Resources Land (01109) fell 3.04%, and China Overseas Development (00688) fell 2.94%.
Real estate sales continued to be sluggish in the first 2 months of this year. In January-February, the sales area of newly built commercial housing fell 20.5% year on year, of which the residential sales area fell 24.8%; the sales volume of newly built commercial housing fell 29.3%, of which residential sales fell 32.7%.
China Thai International said that in combination with the continuous decline in commercial housing transaction area in January and February due to the Spring Festival misalignment, the bank determined that the property market “Xiaoyangchun” in the first quarter of the same period last year was mainly due to a concentrated outbreak of backlog demand after optimization of epidemic prevention measures. However, real estate sales continued to weaken this year when actual interest rates continued to be high and residents' income expectations were not significantly boosted. The decline in housing prices showed no clear signs of bottoming out. In February, the price index for newly built commercial housing in 70 large and medium-sized cities fell 1.4% year on year, the biggest drop since January 2023; it fell 0.3% month-on-month, the same decline as in January.