Real estate agents have been calling Daisy Wu non-stop to get her to buy an apartment in the southern Chinese city of Shenzhen, but the 28-year-old said she was too worried about the slowing economy to consider making a purchase.
China's new home prices fell for the fourth month in August, a private survey showed on Friday.
Moody's said on Thursday it expects a lengthy recovery process for the sector amid lingering concerns that developers would struggle to complete projects as well as due to a slowing economy and high unemployment. "Country Garden’s evolving credit event may exacerbate weakness in homebuyers' sentiment" Fitch Ratings said in a note, adding the impact would be larger in smaller cities.In Shenzhen and Guangzhou, people who have fully repaid their last mortgage or sold their homes are now eligible for smaller down payments and lower interest rates when they make a new purchase.
Without making that sale, he cannot afford to buy. "Even the smaller down payment is too much for me," he said. "Only lower house prices and subsidies will work for me."
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