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Home trade slumps in top-tier cities

03-01-2011 09:40 BJT

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Since cities around China stepped up tightening measures on the housing market, trade volumes of homes have slumped. In some cities, the number of houses traded fell by around 80 percent, which analysts say has impacted property prices.

Shanghai authorities say new homes traded in February up to Sunday, have slumped by 81 percent compared with that in January. That's an almost 50 percent decrease compared with the same period last year.

As of the 27th of this month, new homes traded in Shenzhen decreased by around 60 percent compared with January. The same situation is happening in Beijing and Guangzhou, where trade volumes have dropped significantly since local governments put a cap on the real estate market.

Editor:Xiong Qu |Source: CNTV.CN

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