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Home prices becoming increasingly stratified in China

01-05-2014 03:31 BJT

By CCTV reporter Jin Yingqiao

Prices are becoming increasingly stratified in China’s housing market. As the New Year begins, the country’s major cities are continuing to see their housing prices soar, while the market in second and third tier cities remains gloomy.

These days, this is what it looks like when new houses hit the market in Beijing. One recent event offering over 500 apartments attracted almost 2,000 prospective buyers in a single day. A lottery was needed just to decide who would have a chance to buy a home.

"There’s huge demand and supply in the first tier cities’ housing markets. The most expensive land sales have also been in the first tier cities." said Chen Guoqiang, Vice Chairman, China Real Estate Society.

In Beijing, Shanghai, Guangzhou and Shenzhen, it’s a seller’s market. And open houses can draw the same types of long lines as when a new iPhone model hits the stores. The housing frenzy is also giving rise to other related businesses, like mobile apps.

"We believe people will need our service. When you want to buy a new home, you will use it." said Ge Yan, Housing APP Developer.

But elsewhere in the country, the market is at the opposite end of the spectrum. The city of Wenzhou, in East China’s Zhejiang province, is in an economic recession. And there is only one way to lure in property buyers.

"The new houses this year are competing to have the lowest prices, not the highest quality." said Jiang Yi, Manager, Wenzhou Pinganyijun Property.

Here, it can take months to complete just one transaction. And until the economy picks up, consumers seem prepared to keep waiting for even lower prices.

 

Editor:James |Source: CCTV.com

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