Housing sector likely to see better days ahead

The positive buying sentiment in the new-home market across major Chinese cities has greatly boosted confidence and expectations for a strong sales season in March and April, said industry experts on Thursday after digesting the home transaction data of the Spring Festival holiday.

The Chinese New Year holiday started on Jan 28 and wrapped up on Tuesday. According to official data, the 28 major Chinese cities monitored by the China Index Academy reported an 8 percent growth in daily new-home transaction space year-on-year.

More specifically, Guangzhou, Guangdong province witnessed a 47 percent year-on-year surge in new home trades during the Spring Festival holiday, with Beijing recording a moderate growth of 5 percent. Strong growth was also seen in second-tier cities including Nanjing, Jiangsu province; Nanchang, Jiangxi province; and Wuhan, Hubei province.