Home sales are rising more or less across many Chinese cities during the National Day holiday period, following a series of property stimulus measures introduced since late September, according to the Ministry of Housing and Urban-Rural Development on Saturday.
As of Friday, the fourth day of the week-long holiday period, more than 130 cities across over 20 provinces have held housing promotional activities, such as autumn sales, housing expos, and livestreaming house visits. Many housing projects involved in promotions saw the numbers of visitors rising by over 50 percent compared with the previous year.
In the first three days of the holiday, Beijing -- where the threshold for non-local buyers has been lowered -- reported a 92.5-percent increase in new home visits compared with the same period last year, with subscriptions doubling. Second-hand home visits also surged by 104.1 percent year on year.
A circular jointly issued by six municipal departments on Monday night announced that non-Beijing residents is now allowed to purchase homes within the city's fifth ring road if they have a record of paying social insurance or individual income tax in the city for at least three years, down from the previous requirement of five years. Outside the city's fifth ring road, the requirement is now at least two years, also down from five years.
Additionally, new regulations have eased financial pressures on homebuyers in the capital: the minimum down payment for individual commercial mortgages decreases from 20 percent to 15 percent for first-home purchases, and from 30 percent to 20 percent for second home.
In Guangzhou, another first-tier city, where restrictions on property purchases have been lifted, some properties for sale have a daily visitor volume exceeding 150 batches per day, a 200-percent increase from normal days. Almost all new houses available are promoted during the holiday to lure more buyers.
Starting Monday, home purchase qualifications in Guangzhou would no longer be reviewed, and there would be no restrictions on the number of homes that families and individuals -- whether local residents or not -- can buy.
"On the first day of the holiday, our visitor number and transaction volumes more than doubled, with over 200 groups visiting and 45 transactions made," said Li Wanying, a property consultant.
"The prices finally reached my expectations," said a homebuyer surnamed Cao.
Xiamen, a second-tier city in east China's Fujian Province, has also completely removed restrictions on home sales and reduced down-payment ratios since late September. During the holiday, there was a noticeable increase in customer traffic at sales offices.
China's home sales rise during National Day holiday
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
