Shanghai pre-owned homes sales drop

Turning to Shanghai, where home buyers are holding back from purchases, due to the government's macro control policies. The wait-and-see attitude has caused sharp declines in transactions of pre-owned housing.

In contrast, the housing supply has increased. Some investors are eager to sell homes for cash to hedge risks. Home buyers now can find good bargains.

Online housing transaction figures show that since the beginning of this year, about 20 newly-built complexes have entered the market. But only two gained transaction volume above 100 units.

And transactions of the city's new commercial housing decreased more than 10 percent from the previous week. That's the fourth weekly decline in a row.