Industry statistics show that the ratio of sold floor area to finished floor area in Beijing, Shenzhen, Guangzhou and Nanjing has below 0.7, putting more pressure on the property price.
Some customers’ eager to get refunds, however, are mostly in the mid-end apartments range which are in poor locations. For high-end apartments or villas, the price remained comparatively firm.
In early June, Beijing municipal commission of urban planning launched a new standard for construction, limiting the average floor area of each apartment to no more than 100 square meters.
Jason Leow, deputy CEO of CapitaLand, China’s property market is now seeing a big shift from investment-orientated buying to self-use buying. This requires real estate firms to pay much more attention to their product’s quality and services.
Jason Leow said, ‘In such a market with a wait-and-see atmosphere, we would be more critical about the location and quality of our products,’
CapitaLand planned to launch three residential projects in Beijing this year, all in the capital’s very urban areas.
Source: English People’s Daily Online