China housing market close to turning point

The continued tightening measures of the government and the poor autumn sales volume have forced Chinese property developers to cut housing prices nationwide, which indicates that the market is moving closer to a turning point.

Official statistics show that the housing inventory in China's first-tier cities is increasing, which is a desired downward trend for private homebuyers.

In September, 59 of a statistical pool of 70 major cities saw new home prices increase more slowly from a year earlier, compared with 40 cities in August, the NBS said in a report on its website.

According to the Centaline Property Agency, a supply of 9,152 new homes in October has added Beijing's total housing supply to 118,000 units, a new high since June 2009.

Source: ChinaDaily.com.cn