Tuesday, 8 November 2011

China Sees Real Estate Meltdown

China's real estate faces a meltdown after home sales hit record low.

China witnessed a real estate meltdown when hundreds of brokerages were shut down and employees laid off after home sales hit record low.

An anonymous source estimated that around 3,000 outlets might close this year, leaving some 50,000 real estate brokers a great chance of unemployment.

According to one Beijing property transaction website, sales of pre-owned homes dropped to 7,262 units in October from 8,750 in September, a year-on-year decline of 48.7 percent and a month-on-month fall of 17 percent.

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