Measures could help stabilize home prices over a certain period of time, but the prices might show a "revenge" rally later this year as developers withdraw their investment, exacerbating the shortage of new properties.
Ever since the central government announced tough property measures, markets in China's first-tier cities have slowed. Developers who made good money last year started to feel the pinch, time-weekly.com reported.
Chinese developer Evergrande Real Estate Group on Thursday started to offer a 15 percent discount on prices of its 40 property projects across the country to promote sales amid government tightening measures to cool down the red-hot sector, Shanghai Securities News reported.
Senior officials are pushing to implement property tax amid intensified efforts by the authorities to rein in soaring housing prices to promote a healthy and stable real estate market.
With new home prices rising by almost 20 percent a month, Haikou would seem to be the dictionary definition of a property market bubble.
It looks it will take a while before government policies to cool down the real estate market have their desired effect on property speculators.
Scores of holiday villas on South Korea's Jeju Island have been snapped up by about 150 investors from Shanghai as Beijing tries to keep a real estate bubble from exploding.
The booming property market suddenly cooled down in April - in home sales, at least - after a range of government measures aimed at curbing runaway prices. Tough rules set to drop home prices 30%
A real estate exhibition is held in Hefei, east China's Anhui province, May 1, 2010.
Beijing banned all families from buying more than one home Friday, in a tough set of restrictions designed to curb speculation and soaring home prices.
Although financial authorities have stepped up efforts to prevent real estate bubbles, Taiwan's bank loans to property developers are still on the rise, partly fueling the sky-rocketing property prices, analysts said Wednesday.
China's property market has started to cool down after the government introduced new regulation policies, with the country's four first-tier cities of Beijing, Shenzhen, Shanghai and Guangzhou all seeing their property trading volume go down, the Shanghai Securities News reported Tuesday.
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