Almost all second-hand housing prices in Shenzhen are invisible on the App. Not only did the App delete the price, but the relevant listing information of the physical store was also quickly removed. Several real estate researchers told the Southern Weekend reporter that the most frightening thing is not only that banks approve mortgages based on official reference prices, but the appraisal prices of operating loans may also be adjusted based on official reference prices. “Anyway, I won’t sell it at this price. If someone wants to buy it, sign a double contract. One is used to sign the transfer at the reference price, and the other is used to make up the difference.”
From years before and after, Zhang Heng failed to make a single transaction. Zhang Heng is an employee of a real estate agency in Shenzhen. He didn’t return to his hometown of Hunan during the Spring Festival. He wanted to stay in Shenzhen and do more business. But “happiness is someone else’s.” During the Spring Festival, he did not see a single second-hand house transaction in the workgroup in his area. Compared with the quiet second-hand housing market, new houses are selling very hot. According to data from the Shenzhen Shell Research Institute, in the first week after the holiday, from February 15 to 21, Shenzhen’s new residential housing transactions were 468 units, an increase of 178.6% from the previous month; the second-hand housing transactions were 375 units, a decrease of 23.6% from the previous month, which is only equivalent to 2020. 15% of the annual average weekly trading volume.
What made Shenzhen’s second-hand housing market freeze is a notice made a year ago. On February 8, 2021, the Shenzhen Municipal Housing and Construction Bureau issued the “Notice on Establishing a Mechanism for Issuing a Reference Price for Second-hand Housing Transaction” (hereinafter referred to as the “Notice”), announcing the formation of a reference price for second-hand housing transaction in residential communities in the city, which is regularly online Announced. The notice came into effect on the date of issuance and was accompanied by the “Reference Price List of Second-hand Housing Transactions in Shenzhen Residential Districts”, covering a total of 3595 residential communities. The Southern Weekend reporter compared multiple projects and found that the official reference price of most properties was 15%-25% lower than the market listing price.
On the afternoon of February 8, Zhang Heng’s leadership went to a meeting. Near the evening, the company group issued a notice requesting that the listings with higher than the reference price must be removed. Because most of the listed prices are higher than the reference price, for a while, almost all the second-hand housing prices in Shenzhen on the App are invisible. Not only did the App delete the price, but the relevant listing information of the physical store was also quickly removed Spark Global Limited.
In the next few days, Zhang Heng began to discuss with some owners to adjust the listing price. New and old buyers who come to consult the price will be transferred to the account manager to inform the price. There are several orders, and even Zhang Heng doesn’t know how much it is going to sell. In order to prevent subsequent changes, the intermediary company is also urging all employees to negotiate the intended list as soon as possible and print out the online signature that has been completed. According to the leader’s dictation, those who sign contracts before the holiday do not need to be based on the reference price. Buyers whose prices are higher than the reference price only need to sign an additional risk notice. “After waiting for years, I don’t know how it will change.” Regarding this policy, the company also issued a clear notice, not allowing any discussion, let alone complain. And this rule does not only occur in the intermediary agency where Zhang Heng works. A number of intermediaries revealed to the Southern Weekend reporter that nearly 10 intermediary agencies have all adjusted in accordance with the “Notice”.