I have been giving alot of short term thoughts lately because when the markets go down it is alot more tradeable than when the markets go up (moves are magnified). However, lets not lose the forest among the trees. Fundamentally, things are deteriorating and that is what I am basing my investment thoughts on. These numbers out of China are just jaw dropping. Sales volume 50% from the previous month? Prices down 10% from the previous month? WOW!!
From The China Daily.
Property sales in China's major cities of Beijing, Shanghai and Shenzhen dropped in May, with house prices declining as well, the Economic Information Daily reported Tuesday, citing data from a real estate brokerage.
Sales volume of new properties in Beijing in May fell by 50 percent from the previous month to 9,639 units, while the number of properties resold hit 14,501, a decrease of 58.5 percent, according to the real estate brokerage Century 21 and bjfdc.gov.cn.
Sales volume of the city's new residential properties fell by 47.8 percent to 6,360 units in May, while the number of homes resold dropped 58.8 percent to 13,545 units.
Shanghai witnessed its secondhand home transactions dive 69 percent from April, and decrease in this sector in Shenzhen was 24.1 percent month-on-month, according to Century 21.
Meanwhile, statistics from China Index Academy show that among the 30 cities it tracks, 29 met a decline from April, and house prices fell in most of the cities, with Beijing and Shanghai declining more than 10 percent.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment