During the National Day holiday, property transactions hit a record low of 72% down year-on-year, in Beijing, which is usually the busiest time for housing sales. This is the worst period so far this year.
Liu Feng, a business director with Career International, one of the leading recruitment and consulting companies in China, says property agencies are the worst hit during downward housing sales as most of real estate developers give their apartments to agencies to sell.
It’s estimated that almost 800 branches of various property agencies were closed in Beijing, and half of the locations and agents were slashed in Shanghai since the fourth quarter of last year.
Manager Chen Min predicts it will need one or two years for the housing market to come stable and develop again.
Source: China Daily