Fitch: Shift to Tier 1, 2 Cities Pushes China Home Sales to New High in 2015

January 26, 2016 9:00 AM

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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: China Property Watch - January 2016 here SHANGHAI, January 26 (Fitch) Fitch Ratings says in its latest China Property Watch that contracted sales in China's housing market hit a record high of CNY7.3trn in 2015, mainly driven by a greater share of GFA sold in Tier 1 and Tier 2 cities, where selling prices are higher.

Total GFA sold, however, fell slightly short of the peak in 2013. Full-year GFA sold outpaced GFA started for the first time in 2015, driven by homebuilders' destocking and reduction in new-home construction. The majority of Fitch-rated Chinese homebuilders reported solid yoy growth in contracted sa...

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