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Residential Home Purchases in Big Cities Will Hit New Low

The survey taken by the Bank of China suggested that only 13.3 percent of the residents living in the big cities intend to purchase residential homes in the next three months, the lowest since 1999.  The number is down 1.8 points from last quarter and 2.8 points from the year before. The survey also showed that deposit in a bank savings account has become the top selection for surveyed residents in terms of the financial investment in light of the recent stock market crash. The survey indicates 42.8 percent predict that the consumer price will continue to increase.

Source: Xinhua, September 23