Xinhua recently reported that the just finished “Golden Week” holiday season (the eight day Mid-Autumn holiday) did not give the housing market a boost. Golden Week used to be the time when a large number of real estate transactions closed. According to statistics based on numbers from fifty-four major cities across the country, the housing market suffered a seventy percent decline in real estate sales compared to the same period last year. A national survey showed that only 12.5 percent of the 9,000 people questioned were considering buying real estate during the holidays. At the same time, housing developers are not seriously planning on lowering prices either. The government is still insisting on maintaining the current tight policies regulating the housing market. It is expected that the housing market will remain flat. No major fluctuations are expected in the near future.
Source: Xinhua, October 13, 2012