Source: CCTV.com

02-18-2008 11:40

In Guangzhou, growth figures for prices of new homes in December show an 8.5 percent fall since October. Transactions in the last month of the year were also the lowest on record for 2007.

In Guangzhou, growth figures for prices of new homes in December show an 8.5 percent fall since October.

And the effect is spreading. More than 100 units of special price-capped housing are still on the shelf after the first batch went on sale. The municipal government says effective macro policies are behind the slowdown.

Last year saw local authorities speed up the development of a multi-level housing supply system. This provides accommodation to suit all income brackets such as low-rent houses, affordable homes, price-capped homes and commercial housing.

The government has also increased land supplies and confiscated unused land as part of efforts to curb an over-heated real estate sector. But overall prices are, on average, still headed up. Figures from 2007 show a year-on-year surge despite the slowdown of 35 percent.

Editor:Xiong Qu