China Holiday Trade-Ins Generate US$4.7 Billion in Sales

China's subsidized consumer trade-in programs generated 33.5 billion yuan (US$4.7 billion) in sales during the just-concluded National Day holiday, the commerce ministry announced.

Vehicle purchases contributed 10.9 billion yuan; appliances, 12.3 billion yuan; and digital and smart products, 8.7 billion yuan as the seven-day holiday from October 1 to 7 saw a spending surge.

The programs, which subsidize trade-ins of older products for new ones, is aimed at boosting consumer spending as China tries to rebalance its economic growth from over-reliance on exports.

In another positive for the economy, China's top 100 property developers reported a pickup in September sales from the previous month, underpinned by new government policies making homeownership easier and less costly for some residents.

Real estate firms reported a 13.5 percent surge in combined contracted sales last month to 242 billion yuan, according to the China Index Academy.

Some housing projects in major cities such as Shanghai, Beijing, Chengdu and Hangzhou recorded especially strong sales. The boost comes amid hopes that the residential property market has turned a corner following a five-year slump.