Golden Week not golden for real estate  

中国楼市“银十”开门遇冷 房企或被迫新一轮降价

中原地产研究部统计数据显示，全国主要的54个城市在刚过去的中秋国庆黄金周8天内合计签约套数18740套，相比之前8天73616套的成交量大幅“缩水”74.5%。

Beijing (CNS) – Real estate sales in 54 major cities nationwide stood at 18,740 units during the Golden Week that ended Sunday, a sharp drop from the 73,616 units sold in the previous eight days, according to figures released Wednesday by Centaline Property, a real estate agency.

A large number of residents going out for tours combined with price curbs led to a tepid property market during the first week of October, said Chen Guoqiang, head of the Peking University Real Estate Institute.

Chen added that supply still exceeds demand in the real estate market and turnover in the following three weeks will depend on the operating policies and price strategies of real estate companies.

Despite some clues of tightened policies on real estate by central and local governments, intensive contract sales may appear and the real estate market may welcome a hot period in the later part of this month, said Zhang Dawei, an analyst at Centaline.

In Chinese real estate circles, October is typically a "golden" month for sales.