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Important news
在线翻译:
szdaily -> Important news -> 
City leads nation in home price drop
    2016-11-22  08:53    Shenzhen Daily

    UNDER new tightening polices imposed in early October, Shenzhen was leading the seven cities in China that experienced price drops in the real estate market in October, according to the latest statistics released by the National Bureau of Statistics, the Southern Metropolis Daily reported over the weekend.

    The prices for purchasing new and pre-owned homes in October were lower than those in September and the price differences in Shenzhen was the biggest among all cities in China. In particular, the average price for buying new apartments that are larger than 144 square meters has dropped 0.7 percent compared to that in September.

    According to the data, seven out of the 15 most-favored cities among homebuyers encountered various price drops in the second half of October, especially first-tier metropolises like Shenzhen, Beijing and Shanghai.

    A senior statistician with the national bureau, Liu Jianwei, analyzed that the most popular cities among homebuyers had all experienced various levels of housing control policies by their governments, thus the housing prices there are beginning to show stability.

    Particularly, Shenzhen led the housing prices trend for both new and pre-owned apartments in October with month-on-month drops of 0.5 and 0.6 percent, respectively.

    However, the price drops do not mean that fewer people bought apartments. A total of 4,276 new homes and 6,329 pre-owned apartments were traded in the city last month, increases of 32.1 and 26.8 percent.

    Wang Fei, a manager with the research center of Centaline, said that the city had made unprecedented efforts to control the real estate market via policies. Since Shenzhen’s real estate market is quite sensitive, the prices fluctuated more obviously than in other cities.

    Another analyst, Ren Jindong, with qfang.com said that compared to investors in other cities, Shenzhen investors shoulder more mortgages and are more inclined to sell their properties at lower prices if the market does not show positive signs.

    In the eyes of He Qianru, the director of Midland Reality’s research center, Shenzhen has been leading China in rising housing prices since 2015, so it makes sense that the price differences in Shenzhen would be more drastic than those in other cities. (Zhang Qian)

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