There are profound uncertainty and concerns surrounding the property market in China as the authorities have pend the approvals for the transfer of apartments built by selected developers. This is likely to further exacerbate the property market’s woes, which is already badly hit by a sales slump and slowing economic growth.
In coastal Zhejiang province, Hangzhou, a medium scale 749-units project called Xixi Puyuan built by Kaisa Group Holdings, the authorities have taken the initiative to freeze most of their transactions for nearly all of its apartments.
There are similar cases happening in Shenzhen where the authorities have blocked transactions relating to thousands of properties owned by a number of Chinese property companies, including China Overseas Land Investment, RongChao Real Estate, Dong Dao Real Estate and China Merchants Land Ltd.
The drastic move have understandably worried buyers or buyers-to-be, leaving questions in the air over the blight of the projects, some are still undergoing construction.
To pull back on such routine approvals will undeniably dampen consumer confidence and may further worsen the troubled property market in China.
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