Guangdong's real estate market rebounded this year as more people snapped up discounted property following a correction last year, according to the Guangdong Provincial Bureau of Statistics.
Property developers in the region sold 22.5 million square meters of commercial buildings in the first five months, down 12.4 percent year on year. But the decline was 1.5 percentage points aller than that of the January-April period, according to a statement issued last week by the Guangdong Provincial Bureau of Statistics.
Meanwhile, sales revenue fell at a aller annual rate of eight percent, compared with 14.5 percent in the first four months, to 182.4 billion RMB (28.7 billion USD).
The property market has experienced a gloomy year after the early-2011 roll-out of a series of tough government curbs, including purchase restrictions, higher lending rates and a ban on mortgage loans for third homes. Many potential buyers have rushed to snap up bargains in the past few months, triggering a modest rebound in both transaction volumes and prices.
Developers in Guangdong spent 23.8 billion RMB (3.7 billion USD) on land purchases in the January-May period, up 0.5 percent year on year. In the first four months, there was a sharp annual decline of 11.4 percent in land investment.
