The market has been decimated. On average only one luxury apartment is being sold a month. Selling now means a 30% loss. Selling later means, what?
There was a round of forced sales when the shadow banking system first collapsed. That sales are so slow implies that maybe that's calmed down.
Wenzhou investors sit tight as housing prices stall
"I bought most of my properties before 2010, when the restrictions were imposed, and I am waiting for the housing market to recover, which will happen sooner or later," said Zhuang Chen, an investor from Wenzhou who owns 30 properties.
Staying calm and waiting for the property market to recover is the best option for investors at the moment.Every bubble, every country. Same idea.
"I haven't seen a single investor in the past half year coming to me for new luxurious apartments, which are mostly empty for the moment," said Zheng.Oh, unbelievably slow sales and a massive oversupply. Yeah, that market's coming back.