China Property:Weekly sales -0.3%WoW,below 5msqm for two consecutive weeks

Weekly sales down 0.3% WoW, up 9.2% MoM and down 24.7% YoY

    For the week of 19-25 December 2016, the total sales volume in 32 major cities tracked by Soufun declined 0.3% WoW to 4.957msqm. The volume was up 9.2% MoM (32 cities) and down 24.7% YoY (32 cities). In December MTD, the volume rose 9% MoM (28 cities) and declined 12% YoY (27 cities). YTD volume amounted to 167.0msqm, up 15.2% YoY (16 cities). The weekly sales volume has fallen short of 5msqm for two consecutive weeks, suggesting that the typical December boom does not apply to this year. YTD ASP stood at RMB15,620 psm, up 22% YoY (18 cities). The weekly ASP of RMB14,593 psm (30 cities) was on par with the three-month average (RMB14,790 psm).

    Volume in Tier-1 cities declined 20% WoW

    The sales volume in Tier-1 cities declined 20% WoW to 687ksqm; it was up 5% MoM and down 52% YoY. In December MTD, the sales volume in Tier-1 cities amounted to 3.06msqm, up 14% MoM, but down 33% YoY. YTD volume for Tier-1 cities amounted to 49.72msqm, down 3.5% YoY. YTD ASP stood at RMB32,008 psm, up 37% YoY.

    Volume in Tier-2 cities declined 1% WoW

    The sales volume in Tier-2 cities declined 1% WoW (13 cities) to 2.83msqm; it was up 13% MoM (13 cities), but down 23% YoY (13 cities). In December MTD, the sales volume in Tier-2 cities rose 7% MoM (13 cities) and declined 7% YoY (11 cities). YTD volume for Tier-2 cities amounted to 91.1msqm, up 21% YoY (six cities). YTD ASP stood at RMB13,801 psm, up 19% YoY (eight cities).

    Volume in Tier-3 cities gained 15% WoW

    The sales volume in Tier-3 cities gained 15% WoW (15 cities), to 1.44msqm; it was up 9% MoM (15 cities), but down 3% YoY (15 cities). In December MTD, the sales volume in Tier-3 cities increased 10% MoM (11 cities) and 1% YoY (12 cities). YTD volume for Tier-3 cities amounted to 26.2msqm, up 43% YoY (six cities). YTD ASP stood at RMB7,120 psm, down 2% YoY (six cities).