Source: CCTV.com

10-27-2008 11:00

It began just a few months ago down south in Shenzhen, and now, buying property as a group is an idea that has made its way to Beijing. The still-growing Beijing group has just begun its housing search.

It began just a few months ago down south in Shenzhen, and now,  buying property as a group is an idea that has made its way to  Beijing.

For many in Beijing, pooling their resources is the only way they will ever be able to afford a home.

In a model room, around eighty group property buyers are looking around. This is very rare given the current stagnant market.

Potential Homebuyer, said, "It's too crowded here. It's more like a cursory sightseeing tour."

Although in a hurry, most group buyers are in high spirits. Some are taking photos, while some are talking with others.

Mr. Zhao has been looking at this building for more than half a year. But he hasn't bought anything yet, in the hopes of lower prices.

Mr. Zhao said, "If housing prices here decreased by about one thousand yuan per square meter, many people would buy."

Organizers say they have signed agreements with participating developers that group buyers will enjoy an additional 1 percent discount. But it's still far from homebuyers' expectations. The potential group homebuyers are hoping for even better prices.

The idea of group property purchases began in Shenzhen, as housing prices rose around the country. People signed up for a group purchase through the internet, hoping to be able to get cheaper prices.