China's multiple property prices have fallen, experts say, housing prices will not be large "diving"

Since the issuance and implementation of a series of property market control policies, such as restrictions on purchases, limited loans, and financial tightening, the demand for some home purchases has been effectively suppressed, and inventory in many cities in China has continued to rise sharply, even approaching historic highs. In 30 cities monitored by China, over 50% of the city's transaction areas fell in a month-on-month basis in July, but the average price did not show substantial loosening.

Financial commentator Ye Tan said in an interview with a reporter from the China News Service that at present, the transaction volume of the real estate market has declined and the price has been loosened, but the prices of first-tier cities will not drop significantly. "In the second half of the year, the real estate market will decline at a slower pace, but it will be more moderate."

The Standing Conference of the State Council on July 12 requested that the property market's regulation and control policies continue to be strictly implemented, and it is planned to expand the scope of purchase restriction to the second and third tier cities. The analysis of the China Index Academy pointed out that the policy tightening, the continuous increase of inventories and the urgent need for developers to withdraw funds will cause the property market to show a trend of volume increase and price drop in the second half of this year.

In recent days, there have been many phenomena in the property market in China. Of the 10 key cities monitored by the China Index Academy in July, transaction volumes in Guangzhou, Chongqing, Hangzhou, and Wuhan both fell. Among them, the increase in the saleable amount of commercial housing in Guangzhou was 216,600 square meters, and the saleable volume of commercial housing in Hangzhou also increased by 143,300 square meters.

In the first half of 2011, the first-line city of Hangzhou, whether commercial or residential, had a poor overall sales rate, with a sales rate of only 30%. The sales rate of new residential properties in the first half of last year was 44%. According to the transaction volume of the property market in Hangzhou in the first half of the year, existing stocks have to be sold for 16 months. However, housing prices in Hangzhou remained basically stable in the first half of the year and the average price hovered around 20,000 yuan.

For the market, during the interview, a number of experts told reporters that the country’s policy of controlling the property market will not change, let alone relax.

He Daan, an economics professor at Zhejiang Gongshang University, said that the real estate market will not relax its policy. “Although it seems that the housing prices in Hangzhou may fall, the prices in the downtown area will not fall, and even if they fall, the decline will be limited.”

According to Cao Xudong, research director of the Hangzhou Branch of China Index Research Institute, the real estate market is still overheated according to economic laws and market demand, but the large policy environment has suppressed the volume of transactions and reduced the price of real estate. “The real estate market has a slight drop at the end of the year, but it will not drastically drop.”

As developers, for the second half of the market's bearish market, in addition to stepping up the push, more are very distressed. Chen Guoling, a manager of the local real estate marketing firm of Hangzhou Riverside Real Estate, believes that it is now the most severe time for the macro-control of the property market in Hangzhou. “The overall housing prices have come down. The urban area is relatively strong but the transaction volume is not so great. It will be very good to be stable in the second half of the year.”

“Wenzhou people like to invest in real estate, and they think that there is no other good investment outlet, but at least real estate can preserve value.” Zhou Dewen, president of the Wenzhou SME Development Association, told reporters that the current Wenzhou real estate corporation did not appear to have a lot of casting. The situation, and Wenzhou capital does not have a large area to withdraw from the real estate market, only a small amount of exit to investment industry.

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