SHANGHAI – Falling home prices in China have reportedly caused an outburst of anger among property owners.
MarketWatch reports owners protesting at the Shanghai sales office of Greentown China Holdings about a 25% cut to prices within a five-day period.
The Chinese Government has moved to take the heat out of the property market and limit speculation in a series of measures including property-purchasing limitations, price restrictions, housing tax reforms and loan ceilings.
The measures have been working with real estate investment weakening so far this year.
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However, Greentown China Holdings says there has been a gradual relaxation or withdrawal of restrictive purchase policy in many cities.
“The real estate market is gradually rejuvenating itself,” the company says.
Housing starts and sales in China both experienced a bad run in the year to May.
Consumers had a considerably less positive outlook of property in the most recent Westpac MNI China Consumer Sentiment survey. (Business Insider)[eap_ad_3]
Angry Home Owners Protest In China As Property Prices Fall
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