Data shows that Beijing's pre-owned housing market has boosted significantly in the past month since the Chinese capital lowered the down payment ratio and mortgage interest rate for home purchases in June.
Data from several pre-owned housing agencies in Beijing's Dongcheng, Chaoyang and other districts show that since July, the number of customer inquiries and transaction volumes have increased significantly, and the trading schedule has been further shortened.
"The number of customers has increased, and our agents have become busier. Buyers and sellers are also very cooperative, and the transaction schedule is shortening for both sides. In the past, the trading process basically took two or three months, but now some can be completed in one month or even half a month. The introduction of the new policy has played a positive role in promoting the trading," said Wang Zhiguo, a store manager of a housing agency in Dongcheng District.
The latest data from the Beijing Municipal Housing and Urban-Rural Development Commission shows that since Beijing introduced new real estate policies on June 26, the number of online signings of pre-owned residential properties in the city reached 16,439 units from June 27 to July 27, an increase of more than 7.5 percent compared with the month before the policy was introduced.
"The new policy has lowered the threshold for home purchases, and the policies of purchase and loan restrictions have been continuously optimized, which reduced the cost of home buyers and greatly eased the burden of home purchases. More demand for necessity and improved housing continues to enter the market, transaction volume continues to increase, and the willingness of ordinary people to buy houses continues to increase," said Zhao Xiuchi, dean of the Beijing-Tianjin-Hebei Real Estate Research Institute under the Capital University of Economics and Business.
As the policy effects gradually emerge, the transaction volume of Beijing's second-hand housing market has continued to increase, and the prices have also tended to stabilize. According to the data from Beijing's largest intermediary agency, the overall trend of pre-owned housing prices in Beijing has been stable since the second quarter of this year. In July, the market price rose by about 0.5 percent month on month. Since April, the average transaction price of pre-owned housing has remained stable for four consecutive months, with an average monthly fluctuation range of less than 1 percent.
"Now that the market is heating up, prices are gradually stabilizing. I found that the contract prices of the several orders we recently signed are getting closer and closer to the listing prices, and the fluctuations are relatively small. The current purchasing confidence of customers is also stronger than before," said Wang Xiushi, a store manager of a housing agency in Chaoyang District.
Pre-owned housing market boosts in Beijing under policy support
Various activities were held worldwide to celebrate the upcoming Chinese New Year, or the Spring Festival, which falls on Jan 29 this year.
Recently, the Chinese Consulate General in Niigata of Japan, in collaboration with the Gansu Provincial Song and Dance Theater, delivered a spectacular visual feast for the overseas Chinese and Japanese audiences in Sendai.
The performance, featuring the elements of Dunhuang culture and the history and culture of the Tang Dynasty, attracted about 2,000 spectators. Many Japanese people praised the colorful Chinese culture and expressed their hope to go to China to see with their own eyes and understand Chinese culture and traditional Chinese festivals such as the Spring Festival.
"It's the first time I've seen such a performance. It's so gorgeous. I'm really touched. This Spring Festival event is also an opportunity for Japan and China to further develop friendly relations. If there is any chance for a performance like this in the future, I would like to come and watch it. I also really want to travel to China now," said a Japanese audience member.
"Happy to know that cultural heritage like the Spring Festival was included on the Representative List of Human Intangible Cultural Heritage, I think it's great to be able to celebrate such a festival in Japan. I really hope everyone can take a look and learn about the Spring Festival," said another audience member.
"We want to invite performers from Gansu Provincial Song and Dance Theater to present Dunhuang-themed music and dance which is full of Silk Road cultural elements. This will allow local people to see the mutual learning between Chinese and Japanese civilizations," said Cui Weilei, Consul-General of China in Niigata.
Budapest's Chinatown was alive with energy on Saturday as the streets were filled with music, dance, and the aroma of traditional Chinese delicacies during a two-day Spring Festival celebration.
The "Happy Chinese New Year" Temple Fair brought together numerous visitors and performers to usher in the upcoming Year of the Snake. They enjoyed the magnificent dragon and lion dances, ethnic performances, sugar-figure blowing, calligraphy demonstrations, and the unique experience of wearing traditional attire Hanfu.
"We come here because we have a deep appreciation for Chinese culture and Chinese traditions, and a special interest in Chinese music. I think the most important part of Chinese culture is Chinese food because the best way to bring people from all over the world together is to sit around a table and eat together," said a resident in Budapest.
Colorful celebrations and Spring Festival receptions were also held at many Chinese embassies and consulates around the world.
By showcasing Spring Festival customs and intangible cultural heritage, these events allowed local communities to experience the festive vibes of the Spring Festival up close.
In Dubai, over 1,000 performers and artists from around the world came together to blend traditional Chinese culture with modern art through a rich variety of performances, drawing a large number of audience. The airing of the Spring Festival Gala promotional video by China Media Group also became a highlight of the evening.
A reception was held Wednesday evening in Cairo by the Chinese embassy in Egypt to celebrate the upcoming Spring Festival.
Around 600 attendees including Zhang Tao, charge d'affaires of the Chinese embassy, Ahmed Shaheen, Egyptian assistant foreign minister for Asia-Pacific, Australia, and New Zealand affairs, representatives of the Egyptian government and people from all walks of life were gathered.
"On the occasion of the coming of the Spring Festival, I would like to send my sincerest wishes to dear Chinese friends," said Shaheen in a speech.
Celebrations ring in Chinese New Year worldwide