Morgan Stanley reports China property sales rise in 50 cities

Investing.com -- Morgan Stanley reported that primary registered unit sales in 50 Chinese cities rose 29% year-over-year for the week ended August 16. The increase follows a 1% year-over-year decline in the prior week.

Year-to-date sales stand at a decline of 10% compared to the same period last year.

Tier 1 city sales grew 16% year-over-year, unchanged from the previous week's pace. Tier 2 city sales climbed 20% year-over-year, reversing a 17% decline recorded the week before. Tier 3 city sales jumped 74% year-over-year, up from a 36% increase in the prior week.

Secondary registered unit sales in 10 cities increased 9% year-over-year for the week, compared to a 9% decline the previous week. Year-to-date secondary sales are up 4% year-over-year.

Tier 1 city weekly secondary unit sales rose 2% year-over-year, compared to 3% growth the prior week. Tier 2 city weekly secondary unit sales increased 13% year-over-year, reversing a 16% decline from the previous week.

The total sell-through rate reached 72%, up from 53% the previous week. Tier 1 cities recorded a sell-through rate of 100%, compared to 68% the prior week. Tier 2 cities posted a sell-through rate of 44%, down from 48%.

The Centaline six-city secondary asking price tracking index stood at 15.6%, compared to 15.8% the previous week. The property agent index in Tier 1 cities was 50.7, down from 51.2 in the prior week.

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