Source: CCTV.com

11-09-2007 10:54

The price for new commercial house in Guangzhou hit another high in October. The price reached 11,900 yuan per square meter. However, the sales volume saw shrinking at the same time.

Many experts believe the high housing price in Guangzhou will cool down. Although several new housing projects came into the market, the buyers are few. statistics show that the sales volume of new house in October drop 18 percent compared with September. The sales volume for second-hand houses also fall 4 to 5 percent. To spur the market, a lot of property developers began to introduce promotional activities by giving more discounts or giving decorations and furnitures by free.

Furthermore, Guangzhou Land and House bureau recently took back about 1 million square meters' unused lands. With the vast new houses coming into the market and the land supply volume increase, many property experts believe that it is impossible for real estate developers to raise up the housing price in the future.

Editor:Xiong Qu