Guangzhou sees 52% increase in purchases of new residences in May
A sales report for May published by China's largest real estate website has sounded anoptimistic note on the country's under-pressure housing market.
The report, released on Tuesday by SouFun Holdings Ltd, suggests that after a longchill in new property sales, the majority of Chinese developers have recorded freshpeaks in May.
The upbeat trend is expected to continue in June, said analysts, but prices are likely toremain largely static, they cautioned.
Sales in 34 out of 40 large cities monitored across the country have seen a month-on-month increase from April to May, according to the SouFun report.
New-build sales in Guangzhou saw the largest rise, at a hefty 52 percent. Large citiessuch as Beijing, Chengdu and Shenzhen all achieved a growth rate above 30 percent.
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