On Oct. 7, dozens of homeowners gathered at the sales office of a new residential development in Nanyang demanding refunds. The value of their homes had depreciated at least 30% in under a year after purchasing. The average price in a neighboring project by the same developer dropped more than 40%.
Beijing stands firm to prevent overheating despite plunging sales and valuations
Since the Chinese government curbed their borrowing ability last year, developers are experiencing a sharp drop in home sales. © Reuters
October 19, 2021 22:00 JST