Author: pegasus01

how about the skyrocketted housing price in cities across China? [Copy link] 中文

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Post time 2008-7-27 17:05:59 |Display all floors
poeple's tolerance is limited, i believe.

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Post time 2008-7-27 21:34:23 |Display all floors
it is proved where has higher house price, where people live more happily and willingly.
higher housing price bring you feel spending money like water, good for all.
It is a sin to keep money unspend!

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Post time 2008-8-3 13:35:12 |Display all floors
Originally posted by heshen at 2008-7-27 21:34

It is a sin to keep money uns ...

A fool with no money is still a fool.

But when hard times come then he will be a hungry fool.
(mostly harmless)

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Post time 2008-8-3 14:37:11 |Display all floors
Originally posted by fatdragon at 2008-8-3 13:35

A fool with no money is still a fool.

But when hard times come then he will be a hungry fool.

more than a fool, just a castrated beast

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Post time 2008-9-12 00:34:28 |Display all floors

Real estate woes spread to China(New York Times)

Real estate woes spread to China(New York Times)
Updated: 2008-09-11 13:30 Comments(1) PrintMailChina has joined the United States, Britain, Spain and others on the list of nations suffering a real estate decline.

Skip to next paragraph The New York Times Although the last national statistics showed single-digit growth from July 2007 to July 2008 in the average price of commercial and residential real estate, real estate brokers say prices are down from peaks reached earlier this year, while the number of transactions has plunged.

This downturn comes as the growth rate of Chinese exports has slowed -- sharply in yuan terms -- and stock markets have plummeted. The confluence of events has resulted in what economists describe as a deceleration in China's economic growth -- although at nearly 10 percent it remains the envy of many nations.

Brokers say that sales volumes first dropped precipitously here in southeastern China, and then the decline spread across the country. Faced with few buyers, sellers started cutting their prices for residential and commercial real estate.

In some neighborhoods in the southeast, prices have dropped by 10 to 40 percent.

In other parts of the country, transactions have fallen, but prices have only started to follow. For instance, the number of home sales has plunged by two-thirds in Harbin in the northeast, though prices are down as little as 4 percent from the same period last year.

"People are thinking more carefully and taking much longer before they decide to buy or not to buy property," said Hwang Sha, a real estate broker in Xiamen in east-central China.

Cities deep in China's interior are least affected. Dan Yian, a real estate agent in Chongqing, the largest city in southwestern China, said that the volume of housing transactions there had slowed by 20 to 30 percent so far this year. But prices have not yet fallen from a stable level of $730 a square meter, or 10.76 square feet, which works out to nearly $66,000 for a typical apartment of about 970 square feet.

Export-dependent coastal cities in the mainland have had the steepest downturns in their real estate markets. Some of those problems are starting to make ripples elsewhere in Asia.

Freddy Wu, the chief executive of Hong Kong Property Services, said his real estate agency had seen mainland investors default in recent months on a tenth of their purchases of Hong Kong apartments, forfeiting the down payments that they made.

"A lot of investors from China have their cash tied up in the mainland stock market and in mainland real estate, so they would rather take a loss now," instead of being forced to sell mainland investments at a loss to come up with the cash to complete purchases in Hong Kong, Mr. Wu said.

The skylines of Chinese cities remain dotted with cranes. But Ralph J. Gerson, the executive vice president of Guardian Industries, the largest American glass-making company and the world's third-largest, said that demand was rising less rapidly in China for the company's high-tech insulated glass for modern office buildings.

"It used to be booming, and now it's growing at a slower pace," he said. Fresh evidence of broader economic problems in China came on Wednesday as the government released monthly statistics. Growth in imports and in fixed-asset investments slowed. Inflation dropped sharply at the consumer level, to 4.9 percent in August from 6.3 percent in July.

But unlike the subprime meltdown in the United States, and the resulting credit crisis, weaknesses in China's real estate market do not at this point appear to pose a threat to the vitality or stability of the financial system.

One reason is that Chinese banks require down payments of at least 30 percent, giving banks an ample cushion of cash against losses. American banks frequently did not require down payments. Foreclosures are also rare here, and many Chinese still pay cash for their homes, particularly in rural areas.

Leo Wah, a Chinese banking analyst for Moody's, said that Chinese banks could weather the decline in real estate prices, but cautioned that they could face more challenges if economic troubles spread.

"We do not believe that it would cause a serious problem, but if property prices fall some more, it won't be the only sector that has problems," he said.

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Post time 2008-10-7 23:38:54 |Display all floors

Property deals hit record low over the HolidayBy Hu Yuanyuan (China Daily)

Property deals hit record low over the HolidayBy Hu Yuanyuan (China Daily)
Updated: 2008-10-07 07:42
Property transactions in China's major cities hit a record low over the past National Day holiday as more potential homebuyers adopted a wait-and-see attitude.

Statistics from the Beijing Real Estate Transaction website revealed that the average number of daily deals over the holiday week fell 72 percent year-on-year in the capital to 69 units, making it the worst period so far this year for the property sector.

Shanghai Autumn Real Estate Expo, regarded as a barometer of the industry, attracted 130,000 visitors from Oct 1 to 4. Although this was the same number as 2006, its transaction volume fell 37 percent over the same period.

The situation is equally gloomy in Shenzhen, where a five-day real estate expo was held over the National Day holiday.
While 20,000 sq m of property was changing hands every day at the fair in 2006, the daily amount ranged from 4,000 to 9,000 sq m this year.

Luo Yuan, general manager of Beijing-based Sunrun Real Estate Agencies, said one of the reasons for the sluggish market was that property prices still remain beyond the reach of many potential buyers.

Liu Xia, a 31-year-old journalist, has been flathunting in Beijing for more than six months but remains reluctant to take the plunge.

"Although some developments have offered discounts as high as 30 percent, a 100 sq m apartment along the eastern Fourth Ring Road still costs at least 1.5 million yuan, and that's beyond my budget," Liu said.

Liu is also concerned that, should she buy property now, she will lose out if prices fall.

"There might be still room for property prices to slide," Liu said, adding she is also quite concerned about the overall economy.

Property prices in 70 major Chinese cities rose 5.3 percent year-on-year in August, compared with 7 percent in July, the National Development and Reform Commission said Monday.

The growth rate has dropped for eight months in a row this year, showing signs of nationwide decline after a two-year surge.

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