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Buyers are still waiting for China’s housing market (thị trường nhà ở) to bottom out (chạm mức đáy), analysts say, as the second-hand housing prices (giá nhà cũ) failed to pick up during the traditional peak season (mùa cao điểm) for sales in China.  

According to data released by the National Bureau of Statistics (Cục Thống kê Quốc gia Trung Quốc) last Thursday, second-hand housing prices fell in 62 large- and medium-sized cities in September and October.  

Much attention has been paid to the performance of the second-hand market during “golden September and silver October,” when housing transactions (giao dịch) tend to peak in China every year. 

The second-hand market makes up around 40% of housing transactions in the country and is especially dominant (thịnh hành) in major cities, as new builds are often far from the city center and buyers grow increasingly wary of purchasing presale homes. 

The second-hand market also has a significant impact on the overall market as many second-hand home sellers are looking to upgrade (nâng cấp) their homes, analysts say. 

According to industry insiders (người trong ngành), the sweeping relaxation of restrictions (nới lỏng các hạn chế) on home purchases introduced by the government in the run-up to this year’s peak season, including lifting restrictions on the number of home purchases and more favorable loan conditions (điều kiện vay vốn), caused a surge in supply of second-hand homes.

source: Sixth Tone, 

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