Chongqing home prices plunge, Wenzhou speculators blamed

It's unclear whether this will be a trend or one bad week for home prices in Chongqing, but it's grabbing the headlines. The media is placing the blame on Wenzhou speculators who are deep in debt and raising cash. (Covered earlier this week in Wenzhou group home specualtors totally defeated, lost their life savings, have no choice but to run.

Today's news:
重庆房价半月下跌超千元 温州炒房客急抛售 (Chongqing home prices fall more than 1000 yuan in two weeks, Wenzhou speculators dumping homes)

One reporter says transaction data from the government website shows a decline of more than 1000 yuan per square meter. With average prices of around 7000 yuan per sqm, this translates into a 10-15% drop in home prices since the end of July.

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