China’s property transaction volume collapsed last week.
Property trading volume went down 64 per cent last week from a week earlier in Shenzhen, down 45 per cent in Beijing, down 38 per cent in Shanghai, and down 2 per cent in Guangzhou.
In China’s 35 main cities where housing market data was monitored by the newspaper, 21 saw their trading volume of commercial housing area go down last week, with the figure in Hangzhou going down 73 per cent.
China’s recent mortgage restrictions may be having an effect after all. Obviously this is just a week’s worth of data, but if this weekly data turns into a longer-term trend, one has to imagine it could be bad news for prices.
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