Shenzhen Property Market Improving - Securities Times

Second hand property transactions in Shenzhen last week were up 24.4% y/y, indicating upward momentum in the local property market, according to the Securities Times. New-build sales so far in February are up 25% on last month, with some real estate agencies beginning to recruit more staff to deal with increased activity. Although prices have risen 10% off last year's lows, they are still way below the peak. Local insiders told the paper the majority of the increased sales is due to a backlog of eager sellers willing to transact at a knockdown price. Experts said the long term rebound depends on if the economic recovery will lead to improved confidence.