Shanghai secondary property trades decline
21 June 2004
Official data revealed a 20% drop in turnover in Shanghai's secondary housing market in May, leaving analysts to wonder if the drop might be a further signal of the beginning of the end of the city's property bubble. May transactions in the segment were only 11,300, as against 14,897 in April and 25,438 in March. Quoting analysts familiar with cyclical ups and downs, the South China Morning Post said the slowdown typically starts with a drop in transaction volume followed by a steep price decline as stretched buyers rush to sell at all costs.