New home sales across major cities in China jumped by 30 percent in November, according Centaline Group Research Center, a Shanghai-based real estate consultancy.
In a survey of 54 major cities, Centaline said 236,295 new homes were sold in the first 25 days of November, surging to a two-year high. Newly-added homes climbed to 6.41 million square meters for the first three weeks of November in 22 cities, far higher than 4.58 million square meters in the month of October.
However, real estate developers have not rushed to purchase more land based on existing housing inventory, according to Centaline. Ten major real estate developers spent 11 billion yuan on land purchases, a significant decline from 23.4 billion yuan in October.
The consultancy added that as the end of the year approaches, local governments are expected to put more land on the market. For the first 22 days of November, cities such as Wuhan, Tianjin and Changsha have added the highest volumes of land to the market among 13 cities, said Centaline.