San Diego Housing Market News and Analysis
Property market in China ... Boom OR Bust OR Denial ??
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Submitted by HLS on April 18, 2012 - 3:47pm
At its peak, residents were "crazy about buying property", said Ma Tengfei, 28, Huazhong Realestate's sales manager.
"We gave our customers only half an hour to decide whether to buy or not because we had other customers interested. People were in such a frenzy, they didn't worry about the quality. They were just worried whether they could get one," he said.
Later that year, the market cooled locally and nationally, thanks to measures such as restrictions on second-home purchases and increases in minimum down payments. Those without a Baoding residence permit were stopped from getting mortgages in the city.
While there has not been a crash, government data indicates new home prices fell in 45 of China's 70 major cities last month, and increased in just four.
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