Housing Crash - Prices Drop by a Third - Investors Shocked
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Fresh Reports Of Real Estate Rage Signal Turn In Chinese Housing Market by Tyler Durden Mon, 10/01/2018The developer had slashed prices by one-third and homebuyers who purchased days or weeks responded by smashing up the sales office.
According to public information, Beijing, Shanghai, Nanjing, Ningbo and other places have continued to reduce prices and defend their rights. The sales offices of various projects such as Vanke, Longhu and Hesheng have been destroyed, and some project owners have also physical conflict with security guards.
In September, there were several reports of "real estate rage" across the country. Instead of smashing offices, homeowners are protesting outside to "protect their rights" but the cause of their anger is the same: developers slashing prices to move inventory. While this evidence is anecdotal, there have been many reports about developers moving inventory to recoup cash. More importantly, both the 2011 and 2014 "real estate rage" incidents were coincident indicators of a housing market top.