China Property:No significant pick-up seen after post-CNY normalization
Sales volume flat WoW after the rebound last week.
For the week of 13-19 February 2017, the total sales volume in 26 major cities,tracked by Soufun, grew 2.2% WoW to 2,997ksqm. Compared to the averageweekly transaction volume in January in the 25 cities like-for-like, sales volumein the last week was about 15% less than the average of 3,285k sqm. For MTDFebruary, sales volume dropped 28% YoY. Moreover, YTD sales volume for 23cities is down by 12% YoY. YTD ASP stood at RMB16,190 psm (22 cities), up12% YoY.
Volume in Tier-1 cities up 37.4% WoW.
The sales volume in Tier-1 cities increased 37.4% WoW to 649ksqm. YTD salesvolume for Tier-1 cities was down 32% YoY to 4.39 msqm. YTD ASP for Tier-1cities stood at RMB32,245 psm, up 13% YoY.
Volume in Tier-2 cities up 21.4% WoW.
The sales volume in Tier-2 cities increased by 21.4% WoW (10 cities) to1,186ksqm. YTD sales volume in Tier-2 cities fell 15% YoY (9 cities). YTD ASPfor Tier-2 cities stood at RMB16,334 psm, up 19% YoY (9 cities).
Volume in Tier-3 cities down 22% WoW.
The sales volume in Tier-3 cities was down 22% WoW (12 cities) to1,162ksqm. YTD sales volume in Tier-3 cities was up 12% YoY (10 cities). YTDASP for Tier-3 cities stood at RMB9,030 psm, up 10% YoY (9 cities).