Home sales in Guangzhou were 16,194 units in the three months to March, down 40 percent from a year earlier, National Business Daily reported Monday, citing data from property information provider Netease.
Sales by floor area tumbled 42.5 percent year on year to 1.84 million square meters.
As a result, more property developers have been aggressively promoting their projects, notably in Changzhou and Hangzhou.
Twenty residential projects have had trheir prices slashed and some are offering staggered down payment. The practice all but disappeared after the government cracked down on property speculation.
Meanwhile, Fujian is seeking public comments on proposed guidelines for the development of its housing market, China Business Journal reported Sunday.
The move is seen as an effort to shore up the local property market after several key areas experienced stagnant sales.
Under the new guidelines, the Fujian provincial government has re-categorized common residential homes as those under 144 square meters compared with 140 square meters and below which is the general standard.
Also, it cut the certification period for tax and social insurance payment by non-resident homebuyers to six months from one year. This policy does not apply to buyers of second-hand homes, the report said.
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