In November this year, 54 cities in China which are monitored by Hong Kong-based property agency Centaline Group recorded overall house and apartment sales amounting to 249,400 units, down 16.4 percent year on year, as announced by Centaline Group.
In particular, in November this year the housing transaction volume in Shenzhen’s property market declined by 30 percent, while the volume decreased by 28 percent in Guangdong Province, both year on year.
Market insiders state that China’s property market has continued to cool down as the Chinese authorities have issued a range of measures to curb housing prices and speculative purchases, which will likely exert negative pressure on steel demand if the slowdown in the domestic property market continues.