(ECNS) - China's property market showed increased activity during the May Day holiday as several cities introduced fresh support measures aimed at boosting home purchases after a prolonged downturn.
Inquiries and transactions for new and existing homes rose in multiple cities, official data from local housing authorities showed.
In Beijing, second-hand home transactions during the first four days of the holiday rose 72% from a year earlier. The city recorded nearly 18,000 existing home sales in April, the highest level for the same period in five years.
Shanghai also reported stronger activity, with 924 second-hand homes sold during the first four days of the holiday, up 13.8% year-on-year. April transactions reached their highest level for the same period in nearly a decade.
Several local governments introduced new easing measures ahead of the holiday.
Guangzhou raised provident fund loan limits to as much as 1 million yuan ($147,000) for individuals and 2 million yuan for families, with additional support for households with children.
Li Yujia, chief researcher at the Guangdong Housing Policy Research Center, said demand for larger apartments between 90 and 120 square meters had risen for two consecutive months, suggesting improving replacement demand.
Shenzhen eased purchase restrictions in core districts and increased loan support. Official data showed new home registrations rose 62.5% year-on-year between April 30 and May 5.
In Wuhan, where authorities introduced a package of housing support measures on April 30, new home sales more than doubled during the holiday.
(By Zhang Jiahao)
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