This photo taken on April 26, 2018 shows a towering skyline of Shenzhen, south China's Guangdong Province. (PHOTO / XINHUA)
Shenzhen’s property market has seen a plunge in both the transaction volume and prices after the authorities enacted a series of regulations to rein in the runaway market.
The number of transactions in the city’s second-hand housing market plummeted by more than 70 percent year-on-year last month – a decrease of 15 percent over the previous month – according to Centaline Property.
The number of transactions in Shenzhen’s second-hand housing market plummeted by more than 70 percent year-on-year last month – a decrease of 15 percent over the previous month – according to Centaline Property
Southern Metropolis Daily reported that prices of second-hand homes in June fell by 0.56 percent, compared with the previous month, having dropped for the fourth consecutive month this year.
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Shenzhen is the only top-tier city on the Chinese mainland to have recorded negative growth in the property sector in June, and the drop is the sharpest nationwide.
The Shenzhen municipal government has adopted a series of measures this year to curb property speculation, such as setting price limits and cracking down on business loans that have been misused to buy homes.
As a result, the city’s second-hand real-estate market is expected to continue moderating, with some property estate agents reported to have closed down.
READ MORE: Shenzhen to curb second-hand home prices with price list
As for new residential properties, the transaction volume in June surged by 7 percent month-on-month, but was down by 14.4 percent, compared to the same period last year.
grace@chinadailyhk.com