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Shenzhen to Herald a China Housing Meltdown? - China Business News
Posted by Michael Zhao :: 2007-11-11, 06:21 PM :: Economy
From China Business News, summary translation by CDT:
Mr. Wang, an owner of five or six properties in Shenzhen, has felt the chill running through the pioneering city's real estate market. Wang is busy renovating a newly purchased apartment so he can rent it out and pay off the monthly mortgage. While recently doing the math on his property portfolio, he figured the total value of his apartments has gone down from 10 million yuan in June to 8 million now—a calculation based on a hypothesis that people would actually want to buy his properties.
When Wang bought his first unit, the price was 5,000 yuan per square meter. Since then, the market has shot through the roof, so to speak, with average prices rising from 9,000 yuan/square meter early this year to 15,000 a couple of months ago.
Posted by Michael Zhao :: 2007-11-11, 06:21 PM :: Economy
From China Business News, summary translation by CDT:
Mr. Wang, an owner of five or six properties in Shenzhen, has felt the chill running through the pioneering city's real estate market. Wang is busy renovating a newly purchased apartment so he can rent it out and pay off the monthly mortgage. While recently doing the math on his property portfolio, he figured the total value of his apartments has gone down from 10 million yuan in June to 8 million now—a calculation based on a hypothesis that people would actually want to buy his properties.
When Wang bought his first unit, the price was 5,000 yuan per square meter. Since then, the market has shot through the roof, so to speak, with average prices rising from 9,000 yuan/square meter early this year to 15,000 a couple of months ago.