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Expectations low for Shanghai property expo

04-10-2012 10:46 BJT

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Over the weekend, Shanghai held its annual property expo. This year, with the market still suffering from cooling policies and restrictions, expectations were so low that some real estate agencies didn’t even show up. And most of the few potential home buyers that did show up, were more interested in surveying the show than actually purchasing a new home.

Neither sellers nor buyers pined too much hope on this year’s Shanghai Real Estate Expo.

And it was a wise decision, as the results disappointed. The three-day housing fair, which began last Friday, attracted few buyers over the weekend. Some big property agencies, such as Centaline Property, Century 21 and Hanyu Property didn’t even show up. The ones that did participate seemed to focus more on promoting their products and learning more about market demand.

Huang Haijian with Pacific Rehouse said, "Our main purpose is to understand actual demand through this trade show. Besides, we also want to understand specific demands from these home buyers, including what they believe to be acceptable prices levels."

Buyers said that houses on the market for under two million yuan were most desirable. Most say current prices are still too high, and they will wait for prices to come down before buying.

Mr. Zhang, potential home buyer in Shanghai said, "The price is still too high, especially compared with my income. I hope the price will come down."

Mr. Dai, potential home buyer in Shanghai said, "I don’t intend to buy a house right now, I’m just here to take in the show. The housing price is a little bit high for ordinary people. I prefer to wait and see."

Some houses at the expo were marked at lower prices, but were rejected by buyers because of their unfavorable locations. According to Shanghai survey, more than half of residents think home prices will be stable in the near future, while nearly a third expect prices to decrease and just 16 percent believe housing prices will bounce back.

 

Editor:Zhang Rui |Source: CNTV.CN

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