Shanghai’s Real Estate Market Hit Hard By Coronavirus Outbreak

In the case of prices falling significantly, Evergrande also committed to matching lower prices at least through the end of May., with an estimated net worth of $28 billion, is the third richest person in China.... [+]

“Before the virus we had a forecast of [price growth] for first tier cities in China of about a 3% to 5% increase,” says Martin Wong, Knight Frank’s associate director for research and consultancy, Greater China, who spoke by phone from Hong Kong. “Then after the virus, because we saw transactions going down, we revised our forecast to a 0% to 2% increase. Temporarily prices will go down but the demand for first-tier cities will still be strong because of fundamentals.

“We look at first tier cities because they are more stable,” says Wong, also noting how rare it is for Knight Frank to change their forecasts during the year.... [+]AFP via Getty Images

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