Property market fails to fizz in China's Golden Week
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The National Day holiday, which often witnesses the annual peak time for property sales in China, failed to see the market rebound as the State's property price-cooling policies yield effect.
Figures from the Beijing Real Estate Trade Management Network show only 116 homes were sold on average in the national capital of Beijing in the first three days of the week-long holiday that started on Friday, falling far short of the last four days in September, when the highest daily sales reached 852 homes.
The sales of second-hand house was even slacker, with about 30 homes sold in the first three days in the holiday in the city.
Wednesday's China Daily quoted some experts as saying that the latest move to curb property speculation and tighten regulations on developers' liquidity issued on Sept. 30 would lead to the "coldest" Golden Week for the property market.
To further cool housing prices, the Chinese government suspended bank loans for third-home purchases beginning Oct. 1 and plans to extend property taxes throughout the country. All first-home buyers now have to pay a down payment of at least 30 percent of the purchase price.
"Potential buyers prefer to wait, as they believe the property prices would fall as a result of the policies," said Zhang Xin, a property saleswoman in Beijing.
In Shanghai, some developers are offering discount up to 100,000 yuan (14,900 U.S. dollars) at the Holiday Housing Market, Autumn Home Exhibition, a "barometer" of the city's property market.
A survey conducted at the exhibition found 87.5 percent of buyers feel the market trend is not clear.
