China’s Zhongxin Jingwei media posted on Dec. 7 that E-House Real Estate Research Institute has released the New Commercial Housing Transactions Report for November 2021.
In November, 40 cities, including big cities like Beijing, Shanghai, Guangzhou, and Shenzhen, sold a total volume of 21.4 million square meters of existing new homes—the lowest November report in the last ten years.
In terms of growth, the volume of transactions decreased by 4.3% compared to October and decreased 39.4% compared to last year.
From January to November, the cumulative transaction area of new homes in 40 cities increased by 2.6% per year, and the growth rate decreased by 5.3 percentage points from the previous month.
It is estimated that the transaction of new commercial housing in 40 cities for the whole year will change negatively compared to the previous year’s growth rate.
According to Pan Hongyu, a Shanghai E-House Real Estate Research Institute researcher, new housing transactions in 40 cities will not reverse the decline. Instead, they will continue bouncing at the bottom over the next three months.