As of the end of July, the total inventory of newly built residential houses in 100 monitored cities in China amounted to 449.27 million square meters, down 0.6 percent month on month, but up 6.0 percent year on year, with July being the eighth consecutive month in which a year-on-year increase was recorded, as announced by CRIC, a real estate research institute of E-House, a Shanghai-based real estate transaction service provider.
As of July 31, the total inventory of newly built residential houses in first-tier cities, second-tier cities and third/ fourth-tier cities in China amounted to 27.04 million square meters, 221.49 square meters, 200.74 square meters, up 19.7 percent, 2.0 percent and 9.1 percent, respectively, year on year.
Market analysts consider that all cities have entered into a channel of positive year-on-year inventory growth, indicating that destocking pressure is increasing in China’s real estate market.