Friday, October 28, 2011
Does this mean they’ll start buying flats in London instead?
A group of around 400 homeowners in Shanghai demonstrated publicly and damaged a showroom operated by their property developer after the company said it cut prices. Home buyers had wanted to speak with the developer to refund or cancel their contracts but were unsuccessful, according to local media. One report said the price cuts exceeded 25%. The Shanghai property-owner demonstration found little support on Chinaâ€™s Internet, where most still expressed worries that housing prices are too high. China's largest real estate developer believes the country's property market, a key driver for the economy, has turned and expects conditions to worsen in the coming months as sales prices volumes decline further.