Home » Business » Real Estate
Home sellers cut prices to lure buyers
By Cao Qian |
April 27, 2010, Tuesday
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Print Edition
Print Edition
HOME owners in Shanghai have started to cut their selling prices by as much as 10 percent to try and entice a growing number of buyers who are adopting a "wait-and-see" stance as they have been worried by government policies introduced recently to rein in property speculation.
An apartment at a residential project in downtown Huangpu District at the intersection of Xizang Road S. and Bansongyuan Road - one of the closest to the Expo site - still failed to attract a buyer even after the home owner lowered its asking price to 3.6 million yuan (US$527,000) from 4 million yuan that was set right before the announcement of the measures by the central government to cool speculation, China Business News reported yesterday.
And it's by no means a rare case, the newspaper added.
Brilliant City, a super-large residential development in Putuo District which is notorious for speculation among its home owners, also saw price slashes by nearly 10 percent after the central government's measures were launched about 10 days ago, according to Shanghai Hanyu Proeprty Consulting Co.
The highest asking price at the project has already fallen to about 32,000 yuan per square meter, compared with 35,000 yuan per square meter in March. Moreover, nearly 30 percent of home owners there are now willing to cut their prices, which was simply hard to imagine a few weeks ago, Hanyu agents said.
More owners of a high-end project in the Lianyang area of Pudong are selling their homes following the tighter mortgage policy, CBN said.
An apartment at a residential project in downtown Huangpu District at the intersection of Xizang Road S. and Bansongyuan Road - one of the closest to the Expo site - still failed to attract a buyer even after the home owner lowered its asking price to 3.6 million yuan (US$527,000) from 4 million yuan that was set right before the announcement of the measures by the central government to cool speculation, China Business News reported yesterday.
And it's by no means a rare case, the newspaper added.
Brilliant City, a super-large residential development in Putuo District which is notorious for speculation among its home owners, also saw price slashes by nearly 10 percent after the central government's measures were launched about 10 days ago, according to Shanghai Hanyu Proeprty Consulting Co.
The highest asking price at the project has already fallen to about 32,000 yuan per square meter, compared with 35,000 yuan per square meter in March. Moreover, nearly 30 percent of home owners there are now willing to cut their prices, which was simply hard to imagine a few weeks ago, Hanyu agents said.
More owners of a high-end project in the Lianyang area of Pudong are selling their homes following the tighter mortgage policy, CBN said.
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