On June 18, Gelong Exchange led the decline in China by more than 6%. China Evergrande, Metro Development, Baolong Real Estate and Hejing Pacific all fell more than 3%, while Vanke, country Garden and other stocks fell more than 2%.
Data show that 7868 new housing units were sold in 20 key cities during the Dragon Boat Festival holiday, down 57.1 percent from the same period last year. Some analysts believe that there are three main reasons for the weakening of China's property market during the Dragon Boat Festival holiday. First, due to the impact of continued policy tightening, transaction activity in key cities has declined; second, the Dragon Boat Festival short holiday is relatively short, and developers' property concessions are relatively small; third, during the Dragon Boat Festival holiday last year, the property market was in the stage of rebound after the epidemic, and the market activity was high, with trading volume reaching a small peak.
The media in charge of the Ministry of Housing and Construction said a few days ago that it is time for property speculators to give up their illusions. The era of real estate as a tool for asset appreciation arbitrage is coming to an end.
