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1st tier cities see property transaction drop

08-18-2011 17:03 BJT

There's some hope though for China's red hot property market. Major Chinese cities like Beijing and Shanghai are seeing some effect of the property curbs on real estate activity. Latest figures show the weekly clearance rate has decreased by 15 percent - Shenzhen's property transaction volume dropped by as much as 50 percent.

At Shanghai's Real Estate Trading Centre, there's only a handful of potential buyers milling around. The number of closed counters testify to the small number of houses being sold lately.

Mr. Pei, a real estate investor said, “I cannot buy more residential properties now, only commercial ones. The share market is down too, and property investment is tightly controlled. There aren´t many investment options for private funds."

The downturn has also affected real estate agents. In the Shanghai suburb of Lujiazui, there are more than 10 property agencies along just one street. They're poised for action, but buyers are nowhere to be seen.

Wu Gang, a property agent in Shanghai Development Reality said, "Every property can have around 60 agents competing to sell it, but there might only be one deal every two or three months."

Even open inspections are going down in number, with agents waiting two to three weeks for one open house.

Editor:Li Wanran |Source: CNTV.CN

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