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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /IndustriesEconomyPolicy WatchChina DataCompaniesMarketsIndustriesOpinionMotoringGadgetsGreen ChinaA market thats not such a hot propertyBy He Na(China Daily)Updated:2014-06-09 07:29Comments Print Mail Large Medium Small A construction site in Rizhao, Shandong province. Many third- and fourth-tier cities have seen property prices slump recently. [Photo/China Daily]A recent decline in housing prices is being exacerbated by tightened credit conditions and a surge in the supply of subsidized State housing, as He Na reports.Chen Xin, who works for an academic institute in Beijing, said he is experiencing the hardest time of his life because the “perfect” house exchange he has spent a long time planning has been ruined by the recent slump in the price of residential property.Chen planned to sell his house in Lishuiqiao, in Beijings Chaoyang district, and buy a smaller one in Haidian, closer to his sons school. The new house is 20 square meters smaller than Chens current home, but costs about 1 million yuan ($160,000) more. Chen planned to sell his house and use the money to pay the lions share of the cost of his new home while using a bank loan to cover the shortfallChen paid a deposit of 200,000 yuan in early March and signed a contract to pay off the remainder within two months. However, just as he and his wife were busy planning how to decorate their new home, property prices began to decline. Their house has now been on the market for more than three months, and they have lowered the asking price three times, from 3.2 million yuan to 3 million, but to no avail.The owner of the house Chen intends to buy has agreed to extend the payment deadline by two months, but no longer. If Chen fails to make up the outstanding sum by August, the sale will fall through and he will forfeit half of his deposit as a default.”The dilemma has almost driven me crazy – 100,000 yuan is more than half my annual income, but I cant do anything to reverse the current market downturn,” said the 41-year-old.In desperation he called on friends and relatives for help, but they all told him that the rocky state of the market has prompted people to postpone their purchase plans.One of the people saving their money is Zhu Hangtian, 30, who works for the Chinese Academy of Sciences in Beijing. He said his parents had planned to buy a house for him as a family investment and in anticipation of his eventual marriage. As a result, Zhu has paid close attention to property-related government policies, news reports and also second-hand house posters.”The more I learn, the more I believe that its not very wise to invest in property right now. I may plow the money into other investment options instead,” he said.Local govts limit discounts on property prices China Vanke says property sectors golden era over Previous Page1 2 3 4 Next PagePrevious Page1 2 3 4 Next Page8.03KRelated StoriesLogistics property a hot commodity in ChinaProperty prices in Beijing’s school-district tumbleProperty market too big to fail?Developers get creative in cooling property marketProperty market too big to fail?Photo2014 CEEC Fair opens in NingboTop 14 most powerful female billionaires in the worldTeenages compete in soapbox derby race in EstoniaWorlds fastest police carLuxgen U6 crossover gets 6,500 pre-ordersIntl Auto Industry Fair kicks off in ChongqingChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerMaking the right moves Big names have to find the right approach in ChinaMost ViewedTodays Top NewsChina Mobile creates arm to tackle bad infoChina, southern neighbors seek trade balanceHappiest city looks to attract more touristsChina-ASEAN trade up 1.2% in Jan-MayA road that is made of waterMaking the right moves17b yuan lock-up shares eligible for tradeChina property market down cycle may last longer: MoodysHot TopicsFiat SpAPeugeot SATaxi appInternet financeHousing priceDisneyland12306.cnWeChatEditors PicksRegions with highest minimum wages Hottest Chinese online shopping sites Beijings top 10 most expensive properties Top 10 foreign-funded chain stores in mainland SpecialsTurning point of Chinese property marketThe changing face of Chinas workforceFoxconn: 4 years on…Media : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum||Partners : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum||Portals : |||Sina|Sohu|Tom|Tencent|NetEase|Hexun|Organizations : |China US Focus|FrenCham|CPAFFC|CPIFA||eBeijing|AmCham|SwissCham BJ|…| About China Daily | Advertise on Site | Contact Us | Job Offer |Copyright 1995 -. 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