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Rate hike impacts on property market

04-07-2011 10:32 BJT

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The property market is bracing itself for the impact of the recent rate hikes by China's central bank. In Shanghai, property prices have gone down by up to 5 percent in some areas.

Prices of previously-owned homes in Shanghai are starting to drop. Many real estate agencies are trying to attract buyers with special offers, by cutting prices by 3 to 5 percent. Even so, few buyers are taking the bait.

Ms. Zhu, Vendor, said, "I put up a 100 square meter property for sale at the price of 1.2 million yuan. But now, as many newly-released properties are offering discounts, I'm worry that no-one will buy mine. So I have reduced the price by 50 thousand yuan."

Shanghai's property price decreases are mainly taking place in Pudong, Putuo, and Songjiang districts, where market supply of previously-owned homes is ample. Meantime, the recent market slump has prompted some investors to dump their properties.

Wang Jianmei, Property Agent, said, "Pre-owned home prices have become more negotiable, with room for around a 5 percent discount."

However, in Shanghai's downtown area, prices remain stable. Industry insiders say it's still too early too tell if the regional price drops will expand to the whole market.

 

 

Editor:Zheng Limin |Source: CNTV.CN

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