Shenzhen property deals pick up

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Source: CCTV.com | 12-02-2008 09:13

The recently announced massive economic stimulus package and new policies to encourage property investment have boosted the housing market in Shenzhen. Deals reached a two-year high in the southern city this month.

After nearly half a year of chilliness, the property market  in Shenzhen is warming up again.

After nearly half a year of chilliness, the property market in Shenzhen is warming up again.

Home buyers are rushing into the property trading market, after the government announced a series of favorable housing loan policies, and developers offer deep discounts.

Most home buyers are not investors, and owning an apartment is their lifelong dream.

A Shenzhen resident said, "I saw many people coming here. I came because I fear prices may go up again. "

Insiders say the government's new policies have had a positive effect, but more time is needed to see where the market is heading long-term.

Guo Jianbo, CEO of Yinglian Real-estate Corp., said, "Deals ballooned within one or two months, but this does not mean the momentum will keep up long-term. We still need half a year or a year to clearly see the market changes."

In other cities, the property market remains weak and a wait-and-see attitude continues to dominate.

At a property exhibition in Beijing, developers are actively promoting their projects. But experts believe this is a sign that developers are concerned.

Exhibition organizer Shan Dawei said, "Developers are more active at this year's exhibition. They want to know future market changes so they can adjust their strategies. "

As property prices remain high in big cities, officials from Beijing municipality say they will allow civil servants and teachers to apply for budget housing in the city. They hope the move will rein in high prices in the commercial property market.

Editor:Zhang Ning