It is known as the “818” policy, after the day on which Shenzhen was given its status as a Pioneering Zone for Socialism with Chinese Characteristics. Since August 18, the city’s property developers have been celebrating by releasing a flood of new homes onto the market, raising expectations of a surge in housing-based prosperity.
So far, it hasn’t happened. New data from Shenzhen shows that the supply of new homes in September expanded by nearly 150% month-on-month, as developers brought 533,500 sqm of space onto the market. Yet transactions dropped, totaling 2,748, down 9.55% over August.Continue reading Developers rush to cash in on Shenzhen’s new status