According to data from the National Bureau of Statistics, the price of new houses in Harbin fell month-on-month, and second-hand homes fell by 9.5% year-on-year, reports on November 8.

Statistics of the First Financial Reporter also said that among the 31 second-tier cities, 17 cities where new house prices fell year-on-year in the past year and 28 cities where second-hand house prices fell year-on-year.

Industry insiders believe that since July, affected by the industry shutdown incident, market confidence has been low, and buyers are afraid to buy.

According to a reporter’s interview, some properties with an average price of tens of thousands at the beginning of the year can drop by thousands of yuan at the end of the year, which is almost “halved.”

During the Double Eleven Shopping Festival, many real estate projects in Harbin launched housing purchase discounts.

The China Index Research Institute said Harbin experienced two epidemics in September. 

As a result, the downward trend, no land transactions in the residential land market, population exodus, weak industrial transformation, and other factors have lengthened the market adjustment cycle.

In Wuhan, some real estate has recently applied for a pre-sale certificate, and the record price has been reduced by more than 1,000 yuan compared with the previous record price. 

The paper reported that according to the monitoring data of the Middle Finger Research Institute, the detoxification cycle in Wuhan has consistently been above the 12-month warning line.

In Lanzhou, the capital of Gansu province, the number of newly built commercial housing in the area has dropped for 14 consecutive months month-on-month and seven months in a row year-on-year. 

In September, the prices of houses ranging from 90㎡ to over 144㎡ were all cut, and the small units decreased by 1.4% month-on-month.

Many places have actively introduced new policies to boost the property market.

Policies include:

  • Adjusting provident fund loans.
  • Granting housing subsidies.
  • Offering discounts for special housing group purchases.
  • Deed tax reduction and exemption.

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