According to the Beijing News, of the 10 key metropolitan cities being monitored, nine had a setback in the real estate market, with southern China’s city of Guangzhou having the smallest at 2%.
Along with the turnover volume, housing prices also dropped in most major cities, with the exception of Shenzhen.
Due to a slew of newly-enacted policies directed at expanding the housing supply and cutting out speculators, overheated markets in major metropolitan areas are more affected by these policies than other smaller cities; more potential home-buyers in major metropolitan areas are hesitant at present, analysts say.
The Epoch Times reports that Chen Guoqiang, director of the Real Estate Institute of Peking University would not make a firm forecast, saying it will mainly depend on the directives and how effectively the new series of policies could be carried out.