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Prices of new homes sold down sharply

  • Published 10 Jun 2010

New home transaction prices during the week ending June 9 were down significantly from the peaks they hit between February and April this year, local land bureau data compiled by China Confidential shows. Transaction volumes during the week also fell sharply in first tier cities, compared to the same week last month, while transaction volumes in second tier cities remained stable over the period.

The falls in transaction prices do not necessarily signify a general fall in property prices - they could mean only that market activity is shifting toward lower price levels. However, we think that prices are continuing to soften (CC May 20 Big Call), especially in first and some second tier cities.

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