(Yicai) June 25 -- Shenzhen saw the most sales of second-hand houses in almost three years last week and the third straight week of such sales rising following the city's launch of stimulus measures for the real estate market last month.

The number of pre-owned homes sold in Shenzhen rose 4 percent to 1,362 units between June 17 and 23 from a week earlier, according to data released by the Shenzhen Real Estate Intermediary Association yesterday.

There were 1,309 second-hand houses sold between June 10 and 16 and 1,198 ones between June 3 and 9. The total number of sales will likely exceed 5,000 units this month based on the figures so far.

Although policies implemented this year have boosted transaction volumes, the market has not fully recovered yet, The Paper reported yesterday, citing Jiang Xianliang, managing director of Midland Realty Shenzhen. It remains to be seen whether the policies' effects will be sustained and if they can lead the market back to a healthy cycle, Jiang added.

On May 17, the People's Bank of China abolished the floor on mortgage rates, lowered the minimum downpayment to 15 percent on first homes and 25 percent on second homes, and cut individual housing provident fund rates by 0.25 percentage point. It also allowed local authorities to set mortgage rates based on their individual market conditions.

Shenzhen then announced that starting May 29, the minimum downpayment ratio will be lowered to 20 percent on first homes and 30 percent for second homes, with the rate floor on mortgages also being reduced.

Editor: Martin Kadiev