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Guangzhou to see housing price drop

UserPost

9:08 am
May 26, 2010


admin

Admin

posts 215

In response to the central government's call to cool down the housing
market, the city of Guangzhou has issued its related policies.

The housing market in Guangzhou has seen a drop in transaction volume
since the implementation of relevant policies. From April 15 to May 14,
transaction volume has decreased by about 70 percent year-on-year while
average prices are down about 7 percent month-on-month.

Wang Wenbo, Deputy Director of Guangzhou Housing Administration
Bureau, said, "The central government aims to curb unreasonable demand.
Under this background, Guangzhou is also increasing land supply and
supply of low-income housing. With demand decreased and supply
increased, the housing price will be stabilized."

Guangzhou is also improving its management of price-limited housing.
Currently, around 12 thousand families or individuals have applied to
buy.

In comparison with Beijing's local housing policies, Guangzhou's
version is much milder as it has no tough restrictions on loans for a
third property.

Huang Tao, General Manager of Centaline Guangdong Division, said, "I
think Guangzhou's housing policies suit the city's situation."

Although housing prices are still hovering at a high level, the
up-trend has been curbed. With a much decreased transaction volume,
experts predict there will be a price drop.

"Guangzhou's housing prices will fall by 10 percent. A dramatic fall
is not likely but price falls are inevitable." Huang said.

Since the end of last year, the central government has issued various
housing policies. In response to that, many local governments have
unveiled their versions. The housing price up-trend has been effectively
curbed.


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