- CNTV English - CCTV News

Housing prices drop in Shanghai

11-24-2011 08:31 BJT

Watch Video

Play Video

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program