THE daily transaction volume of property in the city has dropped sharply by 70 percent since the beginning of this month when the city government imposed new curbs on home purchases.
According to figures provided by the municipal urban planning, land and resources commission, only 53 new houses were sold Saturday, far fewer than the 656 new houses sold Oct. 1. The daily average in September was 180.
In the first four days of the weeklong holiday, an average of 600 new houses were sold each day. Since Oct. 5, the average daily sales volume dropped to about 100, the Shenzhen Special Zone Daily reported.
One of the city s leading real estate developers, Vanke Co. Ltd., said the new regulation would affect October sales. The sales volume dropped by 50 percent in the holidays compared with the same period last year, an unnamed company official told the newspaper.
However, details of the tightening regulation had not been announced yet causing problems for many potential buyers.
Over the past few days, the number of people consulting the city s property rights registration center had increased with most questions related to the qualification for buying second or third houses. Staff said they had no detailed rules, the newspaper said.
Meanwhile, speculators also tried to buy houses through other channels due to the lack of detailed rules.
The new regulation is very strict, so it is impossible to buy 10 or 20 houses at one time like before. But some can still buy houses in their relatives names as long as they provide certificates for paying tax or social security insurance in Shenzhen for at least one year. After buying the houses, they can transfer ownership to the speculator in the name of a gift, which is legally allowed, a speculator, identified as Zheng, said. (Wang Yuanyuan)
