Sales of pre-owned homes in the southern Chinese tech hub of Shenzhen fell to an 18-year low in 2022, amidst mounting debt woes in China’s national real estate market.
Data released by the Shenzhen Real Estate Information Platform on 2 February indicates that the transaction area for pre-owned commercial housing in the city was 173,400 square meters in January, while the number of transactions was 1,740.
For pre-owned commercial residential housing, the transaction area was 131,600 square meters in January, and the number of transactions was 1,391, for a year-on-year (YoY) decline of 10.66%.
Data for last year further indicates that in 2022 the transaction volume for pre-owned homes in the Shenzhen municipal area hit an 18-year low.
Monthly data from Shenzhen Real Estate Intermediary Association indicates that the number of pre-owned home sales in the city was 1,818 in January, for an on-month decrease of 31.5%, albeit a YoY rise of 14.2%.