Hangzhou’s real estate market, both for second-hand and new homes, saw a downturn in July.
In July, the fourth month of contraction, second-hand home transactions reached a five-year low with only 4,500 sold.
The new housing market also contracted, with supply and demand dropping to under 1 million square meters. Commercial housing supply in July hit 620,000 square meters, down 59 percent from the previous month, and transaction areas fell by 50 percent, reaching the lowest monthly levels this year.
Despite positive policy releases, Hangzhou’s land auctions have attracted little attention. The subdued results from this round of auctions reflect the continued chill in the market.
