Secondhand housing market sees chill in Dec

The secondhand housing market cooled in December in Beijing and Shanghai as turnover fell, and an increasing number of sellers dropped prices, leading industry observers to wonder if the move indicates an inflection point in the white-hot property market.

In Beijing, the volume of secondhand transactions decreased 16.6 percent in the period from Dec 1 to Dec 22, compared with the same period in November, according to Homelink, a housing brokerage firm. In October, 59.7 percent of sellers registered at the brokerage offered a lower price than in the previous month, and the same ratio rose to 69.3 percent in November and to 71.8 percent in December.

In some cases, the closing price for a single unit dropped 250,000 yuan ($40,851) in a short period, while the offering price for some homes on sale also fell by more than 10 percent, Chinese media reported.