Property market cooling
"Property sales in first- and second-tier cities will experience negative year-on-year growth for 2011", and may decline further in the second half of the year, Qin said.
During the three-day Mid-Autumn Festival holiday earlier this month only 407 contracts were completed for residential apartments in Beijing. This represented a 70-percent drop compared to the three-day holiday in May, and a 50-percent decline from the corresponding period last year, according to the Beijing municipal commission of housing and urban-rural development.
September and October are traditionally busy periods for property sales.