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Pan-home domestic market will recover in May of this year
In the past year, industry experts had predicted that the "pan-family homework" trend would be a long winter lasting up to 18 months. This period proved to be one of the most challenging times for the pan-home industry. Now, halfway through this difficult phase, signs are emerging that the domestic market for flooring and related products may begin to recover in May 2013. Will this recovery be broad-based? The market indicators suggest that the prediction is grounded in solid evidence. In the following sections, we will explore various factors that support the belief that the pan-home market could indeed rebound in May 2013.
One clear sign of recovery in the flooring sector is the resurgence in the second-hand housing market. According to data from the Central Plains Group Research Center, as reported by the First Financial Daily, in October 2012, the price index for second-hand homes in cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, and Chengdu rose for the seventh consecutive month. Since March, the cumulative increase ranged between 3.5% and 12.0%.
While the property market regulation policies have kept the primary market stable, the second-hand market faced a “winter season.†However, recent reports indicate a strong rebound in many regions. For example, according to data from Shihua Real Estate, the average transaction price of second-hand housing in Shenzhen increased by 19% by October 2012. Monthly transaction volumes had been rising since April, with September recording a yearly high of 8,521 transactions.
Beijing's second-hand housing market also experienced two peaks in 2012—first in June and July, then again in November, where transaction volumes were particularly high. Similar trends were observed in cities like Shanghai, Nanjing, and Shenyang, which saw a surge in activity after a brief lull in October. By November 27, the number of signed contracts for second-hand housing in Beijing reached 123,159, surpassing the 121,512 units recorded in 2011.
These developments show that the real estate industry is still growing, with second-hand home transactions gradually resuming. This bodes well for the pan-home market, which has significant room for expansion.
Another sign of warming in the flooring industry is the acceleration of urbanization, which is driving domestic demand. During a meeting on November 28, 2012, Vice Premier Li Keqiang emphasized that China’s greatest development potential lies in urbanization. His repeated focus on this issue highlights its importance for future economic growth.
Many regions have already begun optimizing rural layouts, improving living conditions for farmers, and promoting the construction of modern villages centered around communities. These efforts include guiding farmers to move from scattered settlements into more concentrated areas, while also focusing on housing improvements and village upgrades.
The real estate industry plays a key role in driving urbanization. The most direct outcome of this process is the construction of new and modern housing, which brings a significant increase in business opportunities for developers. As urbanization continues, the real estate and building materials markets will expand, creating substantial growth potential.
Moreover, as rural incomes rise, the development of the countryside will have a positive impact on the overall economy. By boosting domestic demand through urban construction, the government is expected to create a large market for the pan-home industry.
A third sign of recovery is the new wave of home renovations. Industry insiders note that even amid market fluctuations, major companies continue to find profitable opportunities by refining their products and expanding their channels. The secondary renovation and maintenance of existing housing have become a strategic focus.
Despite challenges in the real estate market, the need for second-time home decoration has grown due to improved consumer demand and the natural cycle of home improvement. It is reported that 60% of foreign renovation projects come from second-hand homes, and in Beijing, this figure has reached nearly 40%. This segment represents a valuable source of business.
Additionally, changing aesthetic preferences have led many homeowners to seek renovations after living in their homes for several years. Currently, the secondary renovation market is reaching a new peak, with many families entering their second or third round of home improvements. This ongoing demand presents a fresh opportunity for the industry, and it's essential to provide tailored solutions that meet the needs of these homeowners.