Sales of residential real estate in China fell by 96%





11.02.2011 19:34
Politics of the Chinese authorities, aimed at cooling the property market has already borne fruit. In the first week of February, sales fell by 96% compared to the same period in 2010, but analysts say that investors may simply shift their focus from residential to commercial.

From 1 to 8 February in Shanghai were sold only 70 new sites. About half of them - real estate ranging from 90 to 140 square meters. m, about 30% less than 90 square meters. m and 20% - an area of more than 140 square meters. m. These data are very different from that of the past month: in January, customers preferred the larger apartments.

From this, analysts estimate that a tax on expensive housing and a second to acquire property influenced the decision to buyers. Partially explain the decline in sales specialists and winter holidays.

Nevertheless, according to online poll Beijing Youth Daily, 60% of families with annual incomes above 500 thousand yuan (over U.S. $ 75 thousand) still consider buying real estate the best investment. And the next step the government, according to experts, should be a cooling real estate market as investors and fans of speculation now turn specifically to such objects. To buy them you want 50% down payment (as opposed to 60% for housing), and no further restrictions are not provided.

China Daily
Content tags: Overseas property Housing
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