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Guangdong property sales hit record high in Jan.-Sept.

Xinhua, October 30, 2016 Adjust font size:

Real estate sales in south China's Guangdong Province hit a record 103 million square meters in the first three quarters of the year, up 32 percent year on year, local authorities said Sunday.

Boosted by easy credit and strong expectations of price rises, sales of commercial and residential property were up 50.5 percent year on year to 1.15 trillion yuan (170 billion U.S. dollars) in value, the provincial real estate association said.

The average price rose 14.1 percent to 11,168 yuan per square meter.

Many cities in Guangdong's Pearl River Delta have seen rising housing prices in the past one or two years. In Shenzhen, prices of some residential quarters have more than doubled since 2015.

The hot property market has led several cities, including Shenzhen and Guangzhou, to introduce cooling measures, such as purchase restrictions and higher down payments.

The measures will hurt market confidence in the short term, the association said, but without dramatic changes in monetary policy and more investment channels, sales are unlikely to decline in the Q4. Endi