Shenzhen real estate developers lowers housing prices

Shenzhen real estate developers lowers housing prices

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Shenzhen real estate developers are bringing down prices of homes, joining several developers who had announced earlier lowered prices in pursuit of more sales.

From 10 new houses that went on sale in June, four were sold much lower that those houses that were sold in May. Prices fell 20 percent in the Bao’an and Longgang districts, but prices in Nanshan and Futian District remained unchanged. Centaline real estate agency says that lowering prices will be adopted by more developers in the following months if the government will continue to be strict in tightening its housing policies. Statistics showed that major housing agencies sold more pre owned houses in June than in May. 110 units were priced from 15,000 to 35,000 yuan per square meter, but buyers where offered 3,000 to 10,000 yuan discount per square meter.

According to Huang Ting director general of the city urban planning and land resources commission that Shenzhen average housing price dropped 22 percent since the beginning of the year.

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