Source: CCTV.com
10-30-2008 10:58
Special Report: House Market under New PolicyHousing sales across much of China remain stalled despite several new government policies aimed at kick-starting China's housing market.
Property developers in Nanning, capital of Guangxi Zhuang Autonomous Region, said people didn't response enthusiastically to the new policies.
 |
| Housing sales across much of China remain stalled despite several new government policies aimed at kick-starting China's housing market. |
One potential buyer said "I think the price has room to decline further, the prices are still high for people who need homes. "
Insiders point out that the preferential policies have still not been spelled-out by local governments. And once the policies are put into effect, they will still need time to work.
Other cities like Beijing are mired in similar difficulties. Despite developer discounts, home buyers remain on the sidelines.
Another potential buyer said "I'm waiting."
In Shenzhen, some property developers have postponed their sales of new homes, waiting for new measures to prop up the real estate market. Only 10 new projects began sales in October, much less than previous expectations about 30 projects. Commercial banks have also stopped ongoing property loan services and are waiting for the new details.
One employee of Beijing Branch, ICBC said "We haven't got any detailed measure, we are waiting for guidelines from our bank. "
Most banks are still loaning out cash based on last year's rules. They say they don't want to handle cases in which the new regulations remain fuzzy.
Editor:Xiong Qu
