China's property market transactions up in October

Transaction volume of new homes in China went up 0.9 percent year on year in October, reversing a decline since June last year, as the government introduced a series of measures to prop up the market, the latest figures showed on Friday.

Second-hand home transactions rose for the seventh month by 8.9 percent year on year in October, the Ministry of Housing and Urban-Rural Development said.

On a monthly basis, transaction volume of new homes increased 6.7 percent and that of second-hand homes moved up 4.5 percent in October.

Dubbed "Golden September and Silver October" by the property 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 push to hit third-quarter targets.

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

China's property market has seen a stabilization in the price decline with the continued implementation of existing policies and the introduction of incremental policies, said the ministry.

The growth trend in property transactions is more evident in first-tier cities and is expanding to more cities, the ministry added.

New home transactions in first-tier cities rose 14.1 percent year on year in October, while those of second-hand homes jumped by 47.3 percent year on year.

China has rolled out a slew of measures to bolster the property market, including cutting mortgage rates for existing loans, lowering down payment ratios and relaxing purchase restrictions.

The property market is expected to sustain the recovery momentum as policies continue to take effect, said the ministry.