Guangzhou Property Prices Plunge

Source: CCTV.com

Guangzhou real estate prices have continued to drop, adding to the steep plunge in property prices in January.

 
Guangzhou real estate prices have continued to drop,
adding to the steep plunge in property prices in January.

Guangzhou commercial housing transaction data shows about ten new projects are promoting prices of 9,303 yuan per square meter, a drop from January. And transaction volume is only at 231，000 square meters, down almost 70 percent, compared with the same period last year.

Most home buyers are taking a wait-and-see attitude. Property developers are also slowing down their selling pace, hoping to avoid the downturn in prices. They are expected to focus their promotions in the months of April and May. In line with the downturn in the market, newly-approved, unfinished commercial housing also shrank by a big margin last month.

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Editor: Shanna Chu