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Would-be home buyers want to wait
By Lydia Chen |
October 4, 2010, Monday
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Print Edition
Print Edition
A WAIT-AND-SEE atmosphere seemed to cloud Shanghai's autumn property fair this year, with developers and home buyers uncertain how the market will respond to the government's recently announced policies to curb property speculation.
Most visitors to the annual Shanghai Autumn Real Estate Exhibition, which opened yesterday at the Shanghai Exhibition Center, chose to stay on the sidelines, amid expectations that housing prices may fall if a detailed tax policy on residential properties is introduced.
The four-day event, viewed - along with its spring exhibition - as one of the two barometers of the city's housing market, hosted around 220 real estate projects this year. These included residential and commercial developments designed for both end-users and investors in Shanghai, as well as neighboring areas such as Jiangsu and Zhejiang provinces.
The number of developers in attendance was up by about 10 percent on the spring exhibition, while visitor flow on the first day was estimated to have risen by 20 percent, officials told Xinmin Evening News.
Even though several developers were offering promotional packages, they appear to have failed to entice home buyers, many of whom believe a tighter mortgage lending policy introduced last week is a prelude to further steps to rein in house prices.
In a small survey by the newspaper, 10 visitors selected at random agreed that the latest mortgage curbs could cap further price rises.
Wang Libin, a resident in Yangpu District, said he had no plans to buy in the current market, given that banks are reluctant to release mortgages and few discounts are available. He believes prices will drop to "a rational level" if he waits until the government introduces a property tax.
The average house price in Shanghai remains above 20,000 yuan (US$2,950) per square meter.
On September 29, the central government ordered banks to stop providing mortgages to people buying a third property, or more, while individuals buying their first home must put down at least 30 percent of the total price, instead of 20 percent.
In April, China started to cool down the market by restricting credit to buyers of a second property. The moves crippled turnover - but didn't bring prices down.
Real estate prices in 70 major cities on the Chinese mainland rose 9.3 percent in August, extending their year-on-year gain for the 15th consecutive month, according to the National Bureau of Statistics.
Most visitors to the annual Shanghai Autumn Real Estate Exhibition, which opened yesterday at the Shanghai Exhibition Center, chose to stay on the sidelines, amid expectations that housing prices may fall if a detailed tax policy on residential properties is introduced.
The four-day event, viewed - along with its spring exhibition - as one of the two barometers of the city's housing market, hosted around 220 real estate projects this year. These included residential and commercial developments designed for both end-users and investors in Shanghai, as well as neighboring areas such as Jiangsu and Zhejiang provinces.
The number of developers in attendance was up by about 10 percent on the spring exhibition, while visitor flow on the first day was estimated to have risen by 20 percent, officials told Xinmin Evening News.
Even though several developers were offering promotional packages, they appear to have failed to entice home buyers, many of whom believe a tighter mortgage lending policy introduced last week is a prelude to further steps to rein in house prices.
In a small survey by the newspaper, 10 visitors selected at random agreed that the latest mortgage curbs could cap further price rises.
Wang Libin, a resident in Yangpu District, said he had no plans to buy in the current market, given that banks are reluctant to release mortgages and few discounts are available. He believes prices will drop to "a rational level" if he waits until the government introduces a property tax.
The average house price in Shanghai remains above 20,000 yuan (US$2,950) per square meter.
On September 29, the central government ordered banks to stop providing mortgages to people buying a third property, or more, while individuals buying their first home must put down at least 30 percent of the total price, instead of 20 percent.
In April, China started to cool down the market by restricting credit to buyers of a second property. The moves crippled turnover - but didn't bring prices down.
Real estate prices in 70 major cities on the Chinese mainland rose 9.3 percent in August, extending their year-on-year gain for the 15th consecutive month, according to the National Bureau of Statistics.
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