China’s housing market is still growing, but the pace slowed down noticeably in the first two months of the year.
The value of all home sales in January and February rose by 16 percent to $168 billion, according to Bloomberg. In December, the pace of growth had been 21 percent. The numbers don’t include government-subsidized housing.
Meanwhile, sales of development sites fell for the first time in a year.
The slowdown comes as Beijing is working on a potential countrywide property tax designed to keep a lid on home prices. [Bloomberg] — Konrad Putzier