New residential homes available for sale in China's eight regional centers has hit a record high as of the end of September 2011, according to a report by E-House China Holdings Ltd (NYSE: EJ), a Shanghai-based real estate service provider.
New residential floor spaces available for sale in Shanghai, Beijing, Guangzhou, Shenzhen, Nanjing, Hangzhou, Xiamen and Jinan increased by 9.52 million m2 to 40.45 million m2 in the first nine months of this year, up 30.77% from a year ago.
New home sales in the eight cities plunged 44% to just 3.41 million m2 in September compared to a year earlier, E-House statistics show.
Unsold new homes in Shanghai, Beijing, Guangzhou and Shenzhen amounted to 27.25 million m2 by the end of September, up 28% from the same point a year ago. New home sales in the top four cities dropped 45% year on year to 2.26 million m2.
As home purchases continue to be sluggish and new home stockpiles will keep growing in the fourth quarter, smaller, cash-strapped property developers are expected to undergo an "extremely chilly winter," prompting an industry consolidation, E-House predicted.
New residential floor spaces available for sale in Shanghai, Beijing, Guangzhou, Shenzhen, Nanjing, Hangzhou, Xiamen and Jinan increased by 9.52 million m2 to 40.45 million m2 in the first nine months of this year, up 30.77% from a year ago.
New home sales in the eight cities plunged 44% to just 3.41 million m2 in September compared to a year earlier, E-House statistics show.
Unsold new homes in Shanghai, Beijing, Guangzhou and Shenzhen amounted to 27.25 million m2 by the end of September, up 28% from the same point a year ago. New home sales in the top four cities dropped 45% year on year to 2.26 million m2.
As home purchases continue to be sluggish and new home stockpiles will keep growing in the fourth quarter, smaller, cash-strapped property developers are expected to undergo an "extremely chilly winter," prompting an industry consolidation, E-House predicted.
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