In Wuxi, west of Shanghai, buyers are swapping old homes for new developments. In Guangzhou, southern China, and Beijing, the capital, first-time buyers are taking advantage of falling prices to snap up second-hand homes. Yet in north-western Shaanxi province, salespeople are facing pay cuts because properties are not selling. After more than three years of crisis, there are some signs of life in China’s property market.
In Xi’an, in central Shaanxi province, a giant development under construction still has properties on the market 18 months after launching sales. While 20 apartments were sold in October after the first stimulus announcement, compared with an average of 10 a month, the market had been extremely difficult, according to a salesperson who added that her salary had been cut 40 per cent. “Usually, in the first month of a project opening, one person can sell 20 apartments,” she said.