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Home Transactions Fail To Rebound

HOUSING sales in big cities like Beijing and Guangzhou failed to rebound during the week-long Spring Festival holiday, as home buyers see further price drops following last year's sluggish market.

In Guangzhou, capital of south China's Guangdong Province, home sales last week tumbled 20 percent from last year's Lunar New Year holiday, the Guangzhou-based Nangfang Daily reported.

"The real estate market was particularly dismal during this year's Spring Festival," Huang Tao, head of Guangzhou's Centaline, said. "It was rare for developers to completely shut down. However, a third of housing projects were closed over the past week."

Property developers in Beijing tried to lure buyers with promotions and discounts of up to 1 million yuan (US$146,284) for some apartments, but failed to produce results.

"More people came to view apartments from Thursday," a salesperson surnamed Jin told Beijing Youth Daily. "Yet, they were not actually buying homes, but were enquiring discounts."

"Prices will continue to fall, and we won't rush to buy an apartment right now," a Beijinger surnamed Zhang said.


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