642 Real estate agencies shut down within 9 months this year in Shenzhen

Translator: Annabelle
Proofreader: Yue Ying Wan Chuan

A report from China News Weekly on 24 November 2021, revealed that 642 Real Estate Agencies were closed between Jan to Sep 2021 in Shenzhen. Shenzhen’s established properties market has been shrunken for 6 consequent months. In September, only 1635 properties were sold. This is the lowest monthly figure for the last 12 years. The same situation is happening in Guangzhou, Dongguan, Hangzhou, Ningbo, Chengdu, Xiaman, Jinan, etc. The Chinese property market is experiencing the “oversupply” stage. The trend is very significant in the capital cities especially, where the established property transactions are taken up more than 70% of shares of whole property market transactions.  

China’s GDP is around 103,000 billion RMB in 2020, which is around 2800 billion RMB manufacturing output value produced by Shenzhen. Based on the market value of SHENZHEN property market, it is almost equal to half the market value of the US stock market, which is about 58.5% of the stock value. In comparison, the value is about 103.8% of China stock market, and 147% of China GNP value.  

Such skyline high real estate market price and living costs, makes people stay away from spending.  It could be three different guided prices for one property: recommended market price, price prepared for applying for a mortgage, and vendor sale price. However, the property market is manipulated by the Chinese Government. The selling price seems much higher than the recommended market price which is caused by the manipulation of the Government authorisations, plus real estate agencies’ trickery and the bank’s deceptive behaviour. Eventually, the Chinese property market will collapse and fall into the “property overage” abyss.

Source: 深圳9个月关闭642家炒房中介-Gnews

Published by:Candy

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