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SG Sunac: China home sales on the up

Property Here - Wednesday, October 23, 2013

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Chinese developer, Sunac China Holdings (Sunac) expects home sales to increase by at least 11 percent this year, on the back of robust demand from wealthy buyers, according to media reports.

Sunac chairman Sun Hongbin said, for this year, the Tianjin-based developer expects home sales to exceed 50 billion yuan (S$10 billion) as it concentrates on mid-to-high-end properties in key cities such as Shanghai and Beijing. Notably, Sunac predicted in January that sales for this year will hit 45 billion yuan (S$9 billion).

Despite the curbs set up by the Chinese government, Sun noted that the developer continues to expand amid resilient demand for high-end housing in large cities. Based on data from the National Bureau of Statistics, China's four key cities saw new home prices in August rose the most since January 2011, led by a 19 percent increase from the previous year in Guangzhou.

“I'm very confident in Beijing and Shanghai as there's so much demand from everywhere,” said Sun. “They are first-tier world-class cities. There's no single China property market we are talking about, because markets in big cities are hot, while in some other cities the market is very cold.”