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2014-05-29

Buyer Psychology Shifts; Regret Spreads

Earlier this month it was Ms. Li in Beijing who regretted not selling sooner. Beijing Existing Home Sales Slump in April; 87% of Listings Cut Prices; Owners Regret Not Selling Sooner.

Now:
China's Property Slump Worsens
They are aiming to lure back buyers such as Ye Zhengwei, a 29-year-old branding consultant in Ningbo. But Mr. Ye isn't biting.

"I wouldn't buy another home even with the loosening of restrictions," said Mr. Ye, who bought his first apartment in 2012 for 14,000 yuan ($2,250) per square meter. Now, a developer is offering a comparable home nearby for 25% less.

"I'm a victim of oversupply," Mr. Ye said.

......Property developers face a view among consumers that Chinese real-estate prices have peaked. Potential buyers are holding off on purchases. Summer Fan, a 29-year-old Ningbo civil servant, has tried for three years to sell her two-bedroom investment property to buy a new apartment near a good school for her 3-year-old son.

"My last offer was 800,000 yuan" nearly a year ago, Ms. Fan said. "I regret not selling then. I hope the market recovers soon."

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