3rd and 4th Tier Sept Home Sales Slumped; Home Price Increase: Hopeless

GF Securities believe that in September the national real estate market turnover of less fineness. 44 cities nationwide to monitor the broker turnover index in September were down 2.43 percent, compared to last year increased by 14 percent, an increase of ring substantially narrowed 15 percentage points higher than in August. September 39 cities housing turnover index fell 1.31 percent, an increase of 18%, an increase of chain fell 13 percent. Overall, in September for the traditional real estate sales season, but the overall turnover not up to expectations, the chain declined slightly year on year growth continued to slow.

...CIC Securities said that after experiencing pre-market downturn, September land market traded relatively flat housing sales market situation "golden" full, whether government or push to both the previous month and increased turnover last year. But in the sales slowdown, housing prices unsustainable background, high land prices become important factors that hinder motivation to get housing prices, and while the majority of the four-tier cities still in the destocking phase, the sharp rise in the fear of surprise difficult to repeat, is expected in the fourth quarter will continue to be stable based.

...Four-tier cities to some extent, into the property market difficulties, reason than two points: the long-term over-reliance on land finance, land sales by selling support economic growth; housing supply exceeds demand for those who have the ability to pay. Although the relevant departments and local governments to take the canceled purchase, credit limit, limit outside and relaxed the first suite that standard, lower two suites down payment loans and other measures, but still can not effectively address the issue. To quickly out of the doldrums, four-tier cities need to find out the real estate supply and demand, in order to allow housing prices to fall moderately reasonable inventory, and by restructuring, transformation and upgrading foster new economic growth point

...Meanwhile, the country's 70 large and medium cities also have significant differentiation. August, new housing prices in Shenzhen MoM 5.2% year on year increase of 31.8% led the nation. Meanwhile, prices continued to decline year on year in 40 cities of decline is still more than 5 percent, and most of the four-tier cities. Thus, a foreign research institution in the field investigation on China's Sichuan Province, a week-long, drawn "wary of China's four-tier cities of the property market bubble, the greater the crisis in the making" conclusion.
iFeng: 45家房企近七成业绩下滑 三四线城市房价上涨无望

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