China’s real estate market is still crashing, with sales and construction in trouble. Recently, a topic about a property in Wuqing, Tianjin dropping from 1.6 million to 390,000 yuan trended on social media, sparking heated discussions.
According to Chinese media, the property experiencing a steep drop is the First New Beijing Peninsula project in Tianjin. A local real estate agent said the project was most popular from 2016 to early 2017, with high-rise units selling for 20,000 yuan per square meter. An 83-square-meter apartment cost around 1.6 million yuan. Now, new homes are priced at 7,000 yuan per square meter, and similar second-hand homes cost 400,000 to 500,000 yuan per unit. It’s not unusual for very urgent sales to drop to 390,000 yuan.
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China’s Housing Market Is Still Crashing, With Prices Falling 75%, Experts Demand Another 40% Drop
