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A raft of curbing measures were implemented by the government to cool down China's housing market. In Beijing, these policies are already taking effect.
In June, the transaction volume was only about 8 thousand units, dropping by more than 60 percent year-on-year. Housing prices are estimated to have fallen by a range between 5 to 20 percent. Buyers are waiting to see the policy take full effect before making a deal.
But developers and owners are rushing to sell. Many are willing to give bigger discounts to attract buyers. Real estate agents say they are receiving less customers than before, while the number of owners wanting to sell is rising.
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