touchring
7th December 2007, 03:44 AM
Bankers got a habit of pushing investment plans to retail investor at the top of the cycle when institutions don't take them. Careful guys if you are looking to buy asian reits - the real estate boom is almost over.
http://www.cctv.com/program/bizchina/20071202/101226.shtml
CCTV - Shenzhen housing market in depression
Source: CCTV.com
12-02-2007 14:33
Transactions in Shenzhen's housing market have dropped sharply since August this year. And some property dealers believe the market could cool even more this winter.
During the first half of this year, Shenzhen's housing prices surged nearly 50 percent year on year. And in July, second hand property transaction volumes reached nearly 1.3 million square meters, almost double that of January.
Shenzhen's property market usually peaks in the autumn months of September and October. But the hot market has cooled since August.
A real estate agent from Shenzhen Central Property said, "Last month, there were at least 14 real estate agencies within 20 meters of here. But there are only 6 left. It's hard to survive this business."
Shenzhen Central Property is the city's top real estate agency, with nearly 180 outlets. Its monthly revenues reached about 90 million yuan during its peak in May and June. But the firm says it's barely making 20 million yuan per month now.
A real estate agent from Shenzhen Central Property said,"Our transactions have shrunk nearly 60 percent from the peak season. Nearly 70 percent of the people who buy houses are buying homes to live in themselves. But previously, investors had accounted for nearly 80 percent of our customers."
Wang Feng, deputy director of Shenzhen Real Estate Research Center,said, "Property prices will experience an adjustment. I believe Shenzhen's second-hand housing market is developing more rationally."
Property transactions in the city have been falling since August. And the situation got worse in October, as banks tightened credit... and local governments issued policies to curb rising prices. Over 100 real estate agencies have shut down in Shenzhen.
But analysts believe the market adjustment will lead to a healthy development of the industry. And that competition will help eliminate the weaker participants.
Editor:Zhang Ning
http://www.cctv.com/program/bizchina/20071202/101226.shtml
CCTV - Shenzhen housing market in depression
Source: CCTV.com
12-02-2007 14:33
Transactions in Shenzhen's housing market have dropped sharply since August this year. And some property dealers believe the market could cool even more this winter.
During the first half of this year, Shenzhen's housing prices surged nearly 50 percent year on year. And in July, second hand property transaction volumes reached nearly 1.3 million square meters, almost double that of January.
Shenzhen's property market usually peaks in the autumn months of September and October. But the hot market has cooled since August.
A real estate agent from Shenzhen Central Property said, "Last month, there were at least 14 real estate agencies within 20 meters of here. But there are only 6 left. It's hard to survive this business."
Shenzhen Central Property is the city's top real estate agency, with nearly 180 outlets. Its monthly revenues reached about 90 million yuan during its peak in May and June. But the firm says it's barely making 20 million yuan per month now.
A real estate agent from Shenzhen Central Property said,"Our transactions have shrunk nearly 60 percent from the peak season. Nearly 70 percent of the people who buy houses are buying homes to live in themselves. But previously, investors had accounted for nearly 80 percent of our customers."
Wang Feng, deputy director of Shenzhen Real Estate Research Center,said, "Property prices will experience an adjustment. I believe Shenzhen's second-hand housing market is developing more rationally."
Property transactions in the city have been falling since August. And the situation got worse in October, as banks tightened credit... and local governments issued policies to curb rising prices. Over 100 real estate agencies have shut down in Shenzhen.
But analysts believe the market adjustment will lead to a healthy development of the industry. And that competition will help eliminate the weaker participants.
Editor:Zhang Ning