China's housing transactions up in October

New and resale home transactions in China registered both year-on-year and month-on-month growth in October, thanks to a series of measures to prop up the market, according to the latest figures released by the Ministry of Housing and Urban-Rural Development on Friday.

Transactions of new homes in October went up 0.9 percent year on year, reversing a decline since June last year.

Resold home transactions rose for the seventh consecutive month by 8.9 percent year on year in October, according to the ministry.

On a monthly basis, transaction volumes of new homes increased 6.7 percent and that of resold homes moved up 4.5 percent in October.

Dubbed "Golden September and Silver October" by the housing market, the two months are considered a peak sales season in the second half of the year. Typically, September is the stronger of the two months as property developers strive to hit third-quarter targets.

The ministry said that it was the first time since 2007 that October transactions exceeded those in September.

"September is the last month of the third quarter, when real estate developers would work harder for better sales. And October, as the first month of the fourth quarter, usually sees a slowdown in the wake of high sales in September. Yet the 'Silver October' outperformed the 'Golden September' this year, which is very unusual. It's the first time we see this phenomenon since 2007," said Pu Zhan, deputy director of the policy research center under the ministry.

In October, the central government introduced a slew of incremental measures to stabilize the property sector, including enhanced support for dilapidated housing renovation projects.

"The October figures show that, under the combined impact of existing policies and new incremental policies, the real estate market nationwide is showing a positive momentum of reversing the downward trend and becoming stable again. We believe that as these policies continue to take effect, the real estate market is hopeful to sustain its upward trend," Pu said.

China's housing transactions up in October

China on Thursday launched island-wide special customs operations in the Hainan Free Trade Port (FTP), the world's largest FTP by area, allowing freer entry of overseas goods, expanded zero-tariff coverage and more business-friendly measures.

A series of policy and regulatory documents related to special customs operations are being implemented at the same time in accordance with their respective provisions, including the list of goods subject to import tariffs, tax policies for the circulation of goods, lists of goods and items that are prohibited or restricted from import and export, the duty-free policy for domestic sales of processed value-added products, and customs supervision measures.

The move is widely seen as a landmark step in China's ongoing efforts to promote free trade and expand high-standard opening-up at a time of rising protectionism worldwide.

Under the new arrangements, the tropical island of more than 30,000 square km has been designated as a special customs supervision zone. This marks a new stage in the development of the Hainan FTP, which enables freer flows of goods, capital, personnel and data, supported by zero tariffs, low tax rates and a simplified tax system.

China launches island-wide special customs operations in Hainan FTP