[photopress:real_estte_shenzen_drop.jpg,full,alignright]The price for one newly opened commercial housing project, shown in our illustration, in Shenzhen has dropped dramatically.
This is part of a general movement. Statistics from the Guangzhou and Shenzhen real estate markets are pointing towards a downward trend.
Many citizens say they’re still taking a wait and see attitude after a series of government measures aimed at curbing speculation in China’s property market.
One new project, illustrated here, has seen the average plummet by more than more than 20% to RMB13,000, from the original RMB16,000 price per square meter.
GM, Real Estate Company, said, ‘As investors become fewer and fewer, the prices are being adjusted accordingly.’
Many developers are choosing to drop their prices. Another housing project has set its price at RMB5,000 per square meter.
A house buyer, said, ‘The price now is reasonable for me, but what if it continues to drop?’
Experts say such price drops are not significantly driving sales. Potential house buyers say cheaper houses indicate a general downward trend in the industry. And many add that the country’s macro control policies are making them very cautious.