GT Online: China Issues Policies to Limit Low-Priced Dumped Houses

Written by: Ermat

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So far, 21 cities, including Changchun, Shenyang, Kunming, Jiangyin, Zhangjiakou and Yangzhou, have issued policies to restrict low-priced dumped houses, Sohu News reported on Nov. 23.

Now China’s real estate market as a whole is cooling down. According to the latest data released by the National Bureau of Statistics, in October 2021, the number of cities with falling sales prices of new and second-hand houses among 70 large and medium-sized cities further increased to 52 and 64 respectively.

At the beginning of August this year, a well-known developer in Shenyang’s Shenbei New District launched a special offer of housing. The previous 11,000 yuan / square meters of residentia  went down to 8,000 yuan / square meters. The 3,000 yuan / square meters reduction quickly attracted many people who queued up overnight to see the house. The price reduction triggered dissatisfaction among the old owners of the project. Some owners claimed on the government hotline platform that they lost hundreds of thousands of yuan overnight. Ms. Yu is the sales manager of a property in Shembei New District. She recently revealed that the properties in Shenbei New Area are relatively concentrated and dominated by buying demand. The price reduction of the above-mentioned project had a negative impact on the sales of other properties, and with the complaints of the old owners, the government department restricted the discounting of the properties.

On August 6, Shenbei New Area Real Estate Bureau, together with many departments, interviewed the real estate enterprises and asked them to consider their own interests while also following the law of real estate market development and try to avoid attracting home buyers with price advantages to achieve sales purposes.



Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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