More Stock Market Fallout: Shenzhen Existing Homes Sales Plunge 50% in July

Shenzhen property market as turbulent stock market is rapidly cooling, July Midland, Centaline existing home turnover fell by more than 40% -50% from June levels.

In Shenzhen, a number of real estate buyers withdrew their offers or changed the payment terms, with high-end real estate and investment properties most obviously affected.

Industry insiders said the tightening of bank lending and the stock market downturn are two major factors fueling rapid cooling. First half of the trading volume soared, excessive overdraft market demand, a new round of adjustment period has arrived.
This drop won't show up in official data until August because the government takes time to record sales:
Centaline statistics show that as of July 26, the Shenzhen second-hand housing transaction area of ​​1.07 million square meters, compared with 1.17 million square meters in June over the same period dropped by 10%; Transacted 12739 units, down 11%. The average transaction price of 39,011 yuan / square meter, in June the same period the price of 39,567 yuan / square meter, the adjustment is only 1%.

Due to net signed data lags behind the actual turnover of the number of stores is expected to net signed data in August will have a more significant decline.
Whether there's a prolonged change remains to be seen.
"Demand is still a lot, but more and more people start watching, and a down payment ratio of bank loans to suddenly produce more hundreds of thousands of the first payment, but also led to a lot of people the market is affected." Jiangshao Jie analysts said. Many developers in the first half slowed down the opening speed, some hoarding of taste, and now see the market turmoil, taking into account the completion of the second half of the capital return and the annual sales target, will actively market sales.

iFeng: 楼市现神反转剧情 二手房成交量下滑50%

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