Hohot First to Cancel Buying Restriction, But Still No Recovery

As the country's first cancel the purchase of the capital city, Hohhot property market concern.

"From the end of June last year to cancel the purchase, and now a year later, and did not feel the property market changed significantly." Well-known housing prices Hohhot branch middle-management level, Wang Hui (a pseudonym) told reporters.

..."This is what we are now faced with market conditions, buyers are few." A local developer executives told reporters that the first half of last year, although the situation improved contrast, but not obvious.

...Saihan District Hohhot in four districts of the city the largest number of real estate transactions, the data show that housing turnover is about 50%-60% of peak levels.

..."A lot of customers to buy a house are investors, so a lot of the real estate we have sis empty", Shangri sales staff, told reporters in the sale of low occupancy rate zone B, estimated that occupancy is only about 20%.

High prices are crushing demand:

..."opening price is only 3,800 yuan / square meter, now the price has reached 9,500 yuan / square meter, is wishful zone in the sale of the most expensive real estate."

"The biggest area of ​​supply of Hohhot in the east and south, the situation is quite serious with artificially high prices, in the midst of a downward trend in prices, homes with inflated prices are motionless." A real estate market in the cross section officials said.

In addition, Piaget Garden residential property staff said that the current cell only stay a few dozen families, the occupancy rate of less than 40%. "Many of the owners here is buy the house a dozen years ago, at the time was to invest a lot of people live here year-round is not, nor decoration."

Developers are under pressure:

"Last year, our sales team was given a goal of 2.5 billion yuan, but the actual completion rate is only about half, in September and October we thought there will be a change, but then sales changed little." Wang Hui told reporters.

A lot of projects were also abandoned. There are 174 buildings left unfinished, involving 130,000 households and 500,000 people. Currently there are 382 projects under construction with 193 unfinished.

The article closes with an economist saying the city can recover if the urban population can break 2 million. Perhaps Hohot can attract those new residents and turn its real estate market around, but that means some other city will have lost its chance to recover as the demographic dividend disappears.

iFeng: 一个200万人口的城市 投资退潮后楼市堪忧