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Property developers offer discount again in Beijing
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16:32, September 21, 2009

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September and October a traditionally a peak season for property market sales in Beijing. However, half of September has passed and a hot housing market has not yet appeared. Industry experts believe that a find adjustment in second house mortgage policy has forced speculators to gradually exit the property market. A "peak season" may not reappear this year and housing prices will fall again.

Half of September has passed and the property market remains depressed in Beijing. Housing turnover dropped by 5.63 percent month-on-month in August. During September 1 to 14, the daily turnover of forward delivery housing stood at 326 in Beijing, with the total turnover below 5,000.

As of September 16, there were 69,407 housing units for sale on the Beijing Real Estate Trade Management website, an increase of 200 units from 69,193 units in late July, putting an end to the continued shrinkage of housing inventory since late July. This shows that the number of housing units which have been sold is less than the number of new housing units. Developers are facing the issue of unsalable properties.

The unsalable properties issue has forced some developers to use covert methods to promote housing sales. On September 15, BBMG GEM Property advertised 12 housing units on a website, offering buyers a 12 percent discount. Buyers of the "Tunsanli" housing units can get a 15 percent discount, the lowest discount price in Beijing. In addition, many developers stated that buyers can get a 5 percent discount if they pay in full.

According to Chen Yunfeng, secretary-general of the Union of China's Real Estate Managers, the "golden September and silver October" has been ruined by active housing sales between March and August. At present, housing turnover is falling and the reappearance of a "golden September and silver October" may be impossible.

By People's Daily Online

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