Cross-posted from Investing in Chinese Stocks.
From iFeng. Beijing is quietly seeing price cuts of 5% to 10%, with some as large as 20%. Developers are also disguising price cuts via free area, paid property management fees, and 10% down payments. Centaline said that when affordable housing is removed, prices fell in July, though including it, sales hit a 3-month high in July. Existing home sales hit a 4-month peak in July, but prices were down slightly.
Shanghai saw sales down 9.1% year on year, but Centaline said sales were up strongly at the end of the month. Guangzhou and Shenzhen saw weak sales in July.
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A weak equilibrium with still falling prices.
