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Housing prices drop in Shanghai

11-24-2011 08:31 BJT

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After several rounds of tightening measures, China's housing market has given in to price cuts and started boosting gloomy sales with big discounts. Vanke, China's largest developer, is heading the trend.

Those who held out on buying a house can now celebrate. Vanke has finally adopted price cuts after originally saying no to the plan two months back.

One home buyer said: "We heard about the price cut before we came. It’s cheaper than before and it’s already been furnished. We can save the money on that."

One real estate agent said: "It’s a large discount indeed. It’s 3000-4000 yuan cheaper per square meter. We’ve already signed more than ten contracts."

Five months ago, Vanke put 400 flats on the market selling at an average price of 19 thousand yuan per square meter. An additional 350 flats are now selling at 14 thousand yuan per square meter. That’s almost a 25 percent cut.

According to the Shanghai Municipal Statistics Bureau, housing sales from January to October 2011 have dropped over 14 percent year-on-year. A sales ranking shows the top 10 property projects are those who have cut their prices most. Companies who refuse to do the same may be stuck holding on to inventory.

 

 

Editor:Zhang Rui |Source: CNTV.CN

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