House sellers in Beijing are cutting prices aggressively, according to brokers, despite official statistics that show the housing market in the Chinese capital remains buoyant.
Interviews with more than two dozen real estate brokers across the capital, long one of China’s most desirable real estate markets, show transaction prices have fallen between 10 and 30 per cent from their peak in 2021.
Their testimony runs counter to a widely watched National Bureau of Statistics index of existing home sale prices in Beijing and adds to concerns about the impact of the property market slowdown on the broader Chinese economy’s struggle to recover from the coronavirus pandemic.
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