(Shanghai Bloomberg) increasingly more and more Chinese homeowners believe that real estate is no longer a reliable value -preserving tool and has begun to sell houses to cash, which has led to great pressure on the real estate market in large cities.
Bloomberg reported that data compiled by Central Plains Real Estate showed that the asking price of Shanghai sellers has fallen for three consecutive months, falling to the lowest level before China ’s termination of epidemic prevention and sealing at the end of last year.
According to the economic observation report this month, although the second -hand housing for sale has surged, the transaction volume in Shanghai in May was about 16,000 units, a decrease of one -third from March.
Bloomberg interviewed homeowners, real estate agents, and analysts found that the market downturn is because people have always declined by people's confidence in China as one of the safest investment in China.
A bank practitioner who recently sold an apartment in Jing'an District, Shanghai, with a recent 10 million yuan (about 1.88 million yuan), said that he believes that this is the last window of the real estate boom.
Yan Yuejin, the research director of the Yiju China Research Institute, said that Shanghai is currently the lowest region of the second -hand housing market in China.
Other cities are also facing a downturn in the real estate market.Shenzhen homeowners have reduced house prices to the lowest level since October 2016. In the suburbs of Hangzhou, a homeowner failed to find a buyer in the past six months, and eventually had to reduce house prices by 17%.
Data compiled by the China Index Research Institute of Real Estate Research Company show that the price of second -hand housing in 100 cities in China has recorded the largest decline since 2022.
A report on Goldman Sachs on June 11 states that China's policy makers seem to be determined not to use the real estate industry as a short -term stimulus tool, but hope to reduce the economy's dependence on the industry.
