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Residential property under construction in Nanjing, Jiangsuprovince. A survey released by the central bank on March 20 showedthat 48.7 percent of 20,000 residents polled in 50 cities acrossthe nation said they expect property prices to remain unchanged inthe second half of 2012. An Xin / For China Daily Industry's poor performance due to declining prices, sales in majorcities. The first-quarter score cards of listed property companies painteda gloomy picture for the sector that is expected to extend into themonths ahead, if not longer. Of the 33 property developers listed either on the Shanghai orShenzhen bourses that have released their earnings estimates forthe three months ended March 31, 70 percent said they expected adecline from a year earlier. Only six predicted an increase. The industry's poor performance was due to the decline in pricesand sales in major cities, particularly Beijing and Shanghai. InShanghai, for instance, some developers have offered discounts ofup to 40 percent to kick-start sales. Residential property prices in suburban Shanghai have been slidingsince October 2011, but sharp declines are now being witnessed inthe most expensive downtown areas, and the substantial pricereductions in Shanghai are irreversible, according to XueJianxiong, an analyst from China Real Estate Information Corp. The average price of high-end properties in Shanghai has fallensharply over the past six months, according to Xie Songcai, anagent based in Pudong district, who has handled deals at some ofthe city's most expensive housing projects. The average price at Shimao Riviera Garden, a high-end riversidedevelopment in Pudong district, dropped from 80,000 yuan ($12,682)per square meter in April 2010 to 46,000 yuan this month, accordingto online property trading platform Anjuke.com. A survey released by the People's Bank of China on March 20 showedthat 48.7 percent of 20,000 residents polled in 50 cities acrossthe nation said they expect real estate prices to remain unchangedin the second half of 2012, while 19.7 percent said they expectedprice reductions, and 17.7 percent predicted property prices wouldrise. About 14.1 percent of respondents said they intend to purchaseproperty in the next three months, the lowest figure since 1999. InBeijing and Shanghai, only 9.4 percent said they would invest inreal estate. Some potential homebuyers said they would wait and see if pricesfall over the next three months. "I read newspapers and watch TV every day to follow housing pricefluctuations. If the average price falls by 10 percent, I'llconsider buying an apartment for my son as he is getting marriedsoon," said Hu Jing from Hongkou district in Shanghai. But some analysts said, despite the currently slack market, theoutlook is quite promising for big property developers in thesecond quarter. Zhang Bo, a stock market analyst with UBS AG, said big-capresidential developers in the A-share market are set to have betterresults in the second quarter. Bigger developers will benefit from the current property marketclampdown because they have more cash in hand, and will be able toacquire cash-strapped smaller ones at favorable prices. Zhang said policy constraints on the property market had loosenedearlier than expected. "We expected it to happen in the second half, but it came early,"said Zhang. This month, large banks in Shanghai and Beijing, the country's twobiggest property markets, have offered discounts of as much as 15percent on mortgages to first-time homebuyers. Gao Changxin contributed to this story. We are high quality suppliers, our products such as China Aluminum Window And Door , PVC Window And Door for oversee buyer. To know more, please visits Custom Timber Doors.
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