China’s housing sales in Q1 2020 down 8 percent but sees steady revival in March
China,housing market,furniture retail,property sales,revival,coronavirus,Q1 2020
In a press release, China's National Bureau of Statistics reports that in the first quarter 2020, investment in real estate dropped almost 8 percent year on year. However, China’s residential housing market began a steady revival in March as real estate companies reopened across the country following the easing of the nationwide shutdown, reported ITTO.
Source: National Bureau of Statistics, China
Sales in eight of the large cities jumped to levels well above that in the last quarter of 2019 before the virus outbreak caused a shut-down. The beginning of a recovery is a relief to the industry which has been offering buyers heavy discounts to boost sales. A lively housing market is good for timber sales and for sales of furniture.
Furniture retailers will be welcoming the recovery in the housing market as they have seen furniture sales drop almost 30 percent in the first quarter 2020. In March, retail sales of consumer goods were down almost 16 percent year-on-year.