Guangzhou Property Market Enters Low Season

Source: Lifeofguangzhou.com

A bird's eye view of downtown Guangzhou (Information Times)

Transactions of new residences in Guangzhou for June dropped 20% but still stood at a high level of over 10,000 plus transactions, according to the Information Times.

Sales of residences in out lying districts like Zengcheng and Huadu contributed 37% to the total of 10,502 contracts signed in Guangzhou in June.

Experts attributed the decreasing transaction numbers to less new residence promoted and lower discounts, predicting that the light season of the property market will linger until the National Day golden week holidays in October.

Some real estates developers encountered financial problems last year and slowed down construction, which might cause short supply and higher prices of new houses in the second half of this year.

(By Jessie Hwang)

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Editor: Jessie Hwang