China RE begins to cool

The China Daily today published figures from the China Index Academy (CIA) showing the China residential property market is beginning to cool.

Of the 35 cities the CIA monitors, 21 showed a fall in the number of sales last week.

Hangzhou suffered the largest drop in transactions with a fall of 72.6 percent in the past week. Beijing fell 45.5 percent, Shanghai 32.9 percent and Shenzhen – 63.9 percent.

General Manager of property agency Centaline China, Mr Li Wenjie said he predicted property prices to fall 30 percent in the third and fourth quarter this year.

» Realty sector cooling off – The China Daily, 27th April 2010.