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Home prices hit turning point, start to drop

By Ye Xiaonan (People's Daily Overseas Edition)

08:19, November 10, 2011

Edited and translated by People's Daily Online

Beijing, Nov.10 (People's Daily Online) --China's nationwide commercial housing markets have become soft, with a widespread wave of home price discounts over a recent period because of a series of regulatory policies, such as purchase limits and higher mortgage payments.

Leading real estate developers start to cut prices

Following the traditional "housing market boom in September and October," more and more real estate developers, including some leading ones, have started to cut housing prices in November. The leading real estate developers have jointly initiated the price cuts, and some have even offered discounts as high as 20 percent for some housing projects.

The sales volumes in the second-hand home market have repeatedly set new lows, with a wave of closedowns among real estate agencies in some cities. An officer at a real estate agency said that the main cause behind the repeated new lows in the sales volume of second-hand homes is that real estate agencies are closing down some of their outlets in order to survive the market downturn.

Three factors support judgment on downward trend for housing prices

Ma Guangyuan, an economist at the Chinese Academy of Social Economics, said that the overall downward trend for housing prices has become very evident. Housing prices in 70 medium and large cities and major cities have generally stopped rising because of the introduction of a series of housing regulatory measures.

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