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According to economic data released by the National Bureau of Statistics on Saturday, monthly new home sales increased by .% year-on-year to 100 million yuan (100 million U.S. dollars). It jumped % year over year in the previous month.
Some cities in China have begun to tighten policies since mid-month, aiming to control the rapidly rising housing prices and the housing buying boom after the introduction of the ruling party's stimulus policies. Cities such as Shanghai and Shenzhen have implemented control policies, and house prices in these two cities soared by % and % year-on-year respectively. Suzhou, Nanjing and Langfang have also introduced property market control measures.
Ole Eagle, chief Asia economist at Gambling Industry Research, said the slowdown in credit expansion in May may indicate that growth may be slowing down. Domestic RMB loans increased by RMB 100 million in the month, lower than the median forecast of RMB 100 million in a Bloomberg survey.
Forecasters from Sui Securities in Hong Kong wrote in a report on March 1 that credit growth is the most crucial driving force for the current upward trend in housing prices.
Economic data released by the National Bureau of Statistics on Saturday showed that investment in real estate development increased by .% in nominal terms year-on-year in March this year, and the growth rate increased by 1.0% year-on-year. The area of land purchased by real estate development companies fell by .% year-on-year. Year-on-year growth of .%.
The latest economic data from the National Bureau of Statistics shows that domestic monthly industrial added value, total retail sales of consumer goods and monthly fixed asset investment have all fallen back year-on-year. Specifically, the monthly added value of industries above designated size has increased by % year-on-year, which is lower than forecast expectations. .%, which is also lower than the previous value of .%. Monthly total retail sales of consumer goods year-on-year.%, forecast expectation.%, previous value. Monthly urban fixed asset investment year-on-year.%.%, forecast expectation %, previous value.%.
The market expects that if economic momentum slows down again, monetary policy will continue to relax. However, the central bank urgently issued a document clarifying that the liquidity of the banking system is reasonable and sufficient, and the orientation of prudent monetary policy has not changed. It will continue to implement prudent monetary policy, maintain flexibility and appropriateness, and make timely pre-adjustments and fine-tuning.