Property sales across 30 cities in China fell 4 percent in July as prices soared and supplies dwindled with big cities feeling the pinch for the first time this year, analysts said. According to the UWIN property transaction system, the floor space of apartments sold in July dipped 5.37 percent over June to 1.04 million sq m. Statistics put out by the Beijing Real Estate Transaction website showed that sales of forward delivery housing in Beijing fell to 10,862 units last month, compared to 12,840 units in June. Property transactions in Guangzhou fell 36 percent over June. The figure is only half of that of May, said Guangzhou's official property website. "The fall has been triggered by high property prices and shrinking supplies in some cities," said Qin Xiaomei, head of research, Jones Lang LaSalle Beijing. "Property developers have slowed down the pace of new projects in the second half after robust sales in the first half," she said. http://www.chinadaily.com.cn/bizchina/2009-08/05/content_8522670.htm Shrinking supply...
Haven't we seen this strange scenario before?????? I wonder how bad their real estate slump will be after the bubble bursts. Maybe they'll get off easy (American model), or maybe it'll be tougher (Japanese model). You think the Chinese would be a little more cautious after seeing what is happening to our economy due to the real estate sex party gone-awry.