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Important news
在线翻译:
szdaily -> Important news
City’s housing market cooling down
     2015-July-15  08:53    Shenzhen Daily

    Zhang Yang

    nicolezyyy@163.com

    THE real estate market in Shenzhen is facing a slowdown in July, with more buyers taking a wait-and-see attitude because of rising interest rates on bank loans.

    In the first week of July, 1,671 new apartments were sold in Shenzhen, 13.55 percent lower than the same period last month. The trading volume of pre-owned housing also declined, with 3,463 houses traded. That is a 13.94 percent slide compared with the first week of June, according to statistics from the city’s land and resource commission.

    “The demand of the market is decreasing as many buyers take a wait-and-see attitude in hopes of lower prices,” said Wei Xianya, a realtor at Centaline Property in Bao’an District. She added that buyers’ purchasing power was also undermined by banks’ tighter measures on housing loans.

    She denied some media reports that many homeowners lowered their home prices after losing money in the stock turmoil. “Only a couple of homeowners lowered the price by about 20,000 yuan (US$3,222) recently for an urgent sale after they lost money in the stock market,” Wei said.

    In return some homeowners asked for a higher deposit of up to 20 percent of the full price, which hindered sales because buyers usually would like to pay 5 to 10 percent for a deposit, Wei added.

    Cheng Yingshan, a senior manager at Midland Realty, said prices became more stable recently after soaring for months. “But the trading volume of pre-owned houses in Bao’an District has been in decline in the past few weeks,” he said.

    Quickly rising housing prices led to many property owners reneging on sales contracts in the past couple of months — choosing instead to pay a fine for breaking the contract and selling their home at new and higher market prices.

    There were no such cases in July, Cheng said.

    Cheng Jialong, DTZ’s vice president for greater China region, said housing prices in Shenzhen were unlikely to rise by more than 10 percent in the second half of the year, according to Shenzhen Special Zone Daily’s report.

    “As a result of the high demand in the housing market in the past six months, banks are tightening the mortgage credit with a higher interest rate, which also hinders the trading,” said Zhang Xiaorui, director of the Research Department of DTZ for South and West China.

    Zhang added that the government’s intensified regulation of the market, such as closer monitoring of biddings on pre-sale houses and crackdowns on property hoarding, have worked to cool the housing market.

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