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Mood for property emerges
By Cherry Cao |
March 16, 2012, Friday
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Print Edition
Print Edition
SIGNS of a recovery in sentiment among both real estate developers and home seekers emerged at an ongoing property fair in Shanghai, but whether that would translate into a notable rebound in transactions still remains unclear.
The four-day Shanghai Spring Real Estate Exhibition, the first major property fair held in the city every year, opened yesterday at the Shanghai Exhibition Center, displaying about 300 domestic and overseas real estate projects. But leading property developers, including China Vanke, Gemdale and Greenland, were absent.
"The real estate projects in Shanghai and neighboring cities accounted for 60 percent of the 200 developments from the Chinese mainland whereas projects from some 15 countries and regions, including the UK, the US, Australia and Malaysia, totaled about 100," said Theresa Wang, an official with VNU Exhibitions Asia, one of the major organizers of the event.
Last year, only 60 local projects were shown at the fair and the number of overseas participants was also halved after the central government unveiled several tightening policies to curb housing speculation since late January.
"While the number of real estate projects increased sharply from a year earlier ... the number of people coming to visit this year's event should also be good as more will come over the weekend, (but) it's still early to say how that might benefit developers' sales figures," said Sky Xue, an analyst at China Real Estate Information Corp.
Some developers are offering a few "special price" units for buyers who sign deals during the exhibition or a price cut of up to 10 percent. More developments in outlying areas seemed to be more inclined to offer larger discounts.
But Xue said that not all developers are ready to cut prices sharply to boost sales.
The four-day Shanghai Spring Real Estate Exhibition, the first major property fair held in the city every year, opened yesterday at the Shanghai Exhibition Center, displaying about 300 domestic and overseas real estate projects. But leading property developers, including China Vanke, Gemdale and Greenland, were absent.
"The real estate projects in Shanghai and neighboring cities accounted for 60 percent of the 200 developments from the Chinese mainland whereas projects from some 15 countries and regions, including the UK, the US, Australia and Malaysia, totaled about 100," said Theresa Wang, an official with VNU Exhibitions Asia, one of the major organizers of the event.
Last year, only 60 local projects were shown at the fair and the number of overseas participants was also halved after the central government unveiled several tightening policies to curb housing speculation since late January.
"While the number of real estate projects increased sharply from a year earlier ... the number of people coming to visit this year's event should also be good as more will come over the weekend, (but) it's still early to say how that might benefit developers' sales figures," said Sky Xue, an analyst at China Real Estate Information Corp.
Some developers are offering a few "special price" units for buyers who sign deals during the exhibition or a price cut of up to 10 percent. More developments in outlying areas seemed to be more inclined to offer larger discounts.
But Xue said that not all developers are ready to cut prices sharply to boost sales.
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