Shenzhen’e real estate market continued to stabilize in August, with the sales price of new homes rising 0.2% while the secondary market saw a slight dip, down 0.2%.
Quarter-on-quarter, prices in the secondary market rose 2.3% QoQ, and they remain the highest in Guangdong at RMB 68,433 per sqm.
Analysts said it was clear that cooling measures put in place earlier this year were continuing to be felt. Huang, Lichong of Synergy Solution Management, said he expected prices will be stable or even slightly down in the near term.
Yuejin Yan, the CRO of E-house Research Institute, said that downward pressures remained strong, as Shenzhen needs to control the widening wealth gap and build more social housing.