Beike’s second-quarter profit jumps 13.9% in surprise defiance of China’s property slump

Quick Summary:

The strong performance, due to increasing transactions in the secondary market of lived-in homes and rental property, offers a counterview and relief to China’s years-long property slump.

The results came after a set of supportive measures announced by Chinese authorities in May, including a 300-billion-yuan relending fund for local governments to buy unsold homes, which aims to clear the record housing inventory level and spur home sales.

Sales jumped by 20 per cent to a record 23.4 billion yuan, beating analysts’ expectations by 9 per cent.

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Article Details

Author / Journalist: Yulu Ao

Category: Business

Markets: Hong KongChina

Topics: Homes Sales Profit Cent Beike’s Property Quarter Transactions China’s Billion Yuan

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-13 @ 17:45:09 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 684 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22062218

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