Housing prices to drop 15% to 20%: SOHO's Pan

10:15, May 12, 2010      

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Towards the central government's policies to curb housing price hike, the market is still sitting on the fence, said Pan Shiyi, chairman of SOHO China. He predicts that housing prices would drop to the early-2009 level, which is 15 to 20 percent lower than current prices.

Evergrande Real Estate, one of China's largest housing developer, launched its promotion program starting from May 6. Following Evergrande, several other housing developers carried out their own price-off programs.

Pan admitted that he misjudged the situation. "I have believed that they will keep the pricing level until housing transactions fall, as lots of developers are holding over 10 billion yuan (1.46 billion U.S. dollars) of cash."

According to data released by China's National Bureau of Statistics (NBS) yesterday, average housing prices in China's 70 large and medium sized cities increased by 12.8 percent year on year in April, hitting a new record. During the same period, real estate investment has grown by 36 percent. The figures have raised the market's worry over further regulation policies.

By People's Daily Online


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