New home transactions in Shenzhen during May plunged 48.8 percent from a year ago while deals involving secondhand flats were down 30 percent, official data showed yesterday.
Only 2,547 new flats were sold in the special economic zone last month, 13.2 percent lower than in April, while the average transaction price rose 1.1 percent to 23,981 yuan (HK$29,736) per square meter, according to data from the SEZ's urban planning commission data.
Many secondhand homes were put on sale with discounts, but transactions still fell to 4,758 flats, down 8.4 percent from April. In other action, an official with Shenyang's housing department clarified that the city is not lifting any home purchase restrictions but merely adjusting them, mainland daily Dahe reported.
The official explained the capital of Liaoning province will allow local families who already own two or more flats to buy more units in the second ring, or central area of the city.
But they cannot seek any bank loans and have to settle purchases solely with their own money. LING WANG