Hey, driver! Want a home? Just 18,000 yuan a square meter ( 2.130 € / τετραγωνικό). An agent in downtown Shanghai took to the streets in search of buyers. YongKai / China Daily
Buyers and developers face some harsh hometruths
Confidence shaken amid falling property prices as real estateagents suffer sudden slowdown in top-tier cities, Hu Yuanyuanreports in Beijing.
Li Wei, a company executive in Beijing, is depressed. The value ofhis apartment has shrunk by nearly 500,000 yuan ($78,700) asproperty developers slash prices to stimulate sales.
"It took me at least four years to save the 500,000 yuan, but the money evaporated within eight months!"
Li, 30, bought a two-bedroom apartment in the capital's Tongzhoudistrict in February at 19,800 yuan a square meter. The price now is 13,400 yuan.
His case is not unique. With more property developers suffering cash-flow problems, under the government's tightening measures, they are making wider and deeper price cuts across China's majorcities.
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| Sales agents wait and wait for potential homebuyers in Tiantongyuan,one of Beijing's largest residential areas. Business is stagnant sincethe central government restricted home purchases and bank loans toslow price jumps. Wang Jing / China Daily |
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