Property sales continue decline
9/9/2008 17:37
China Vanke, the country's largest listed real estate developer, said
property sales revenue fell 35.2 percent in August 2008 compared to August
2007.
Sales revenue last month was 4.07 billion yuan (US$595 million)the
company said in a statement to the Shenzhen Stock Exchange today. This is the
third consecutive month of decline,
However, for the first eight months this
year, sales revenue is actually up 5 percent to 31.31 billion yuan (US$4.6
billion.)
The amount of property sold remains in decline. In August, 474,000
square meters was sold, down 32.8 percent from 2007. This was the fourth
consecutive month of decline which brought the year's total sales down 4.8
percent.
To deal with slow sales, real estate firms are giving discounts in
many cities. The government has also tightened credit over property development
in an effort to bring surging housing prices under control.
Xinhua
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