Recent property transactions down

The number of property transactions in Beijing and Shanghai has declined, prompting state media to hail recent government efforts to cool down the market. Chinese industry analysts were quick to play down the immediate impact of the central government measures, saying results would only be visible in the long term, the South China Morning Post reported. Property prices in Shanghai increased by 18% between June 2 and 8 while the number of transactions declined by 37.7% to 4,096 units. Analysts however said the numbers did not tell the whole story and a single week is not enough to judge the success of government measures that include higher taxes on properties bought and sold within five years and higher deposit requirements.