E-House (China) Holdings, a Shanghai-based provider of real estate services, is recording 'very strong' property sales after volume doubled in the first quarter, Chief Financial Officer Li-Lan Cheng said.
'The rebound is picking up speed,’ Cheng said in a phone interview from New York. 'Transaction volumes have been sequentially stronger every week because of lower prices, favorable government policies and pent-up consumer demand.'
An improving housing market adds to evidence that Premier Wen Jiabao’s 4 trillion yuan ($586bn) stimulus package is reviving growth in the world’s third-biggest economy. China’s manufacturing expanded for a third month in May, the government said June 1, while lending and retail sales have surged.