52% Housing Price Cut in Guangdong Still No Buyers, a Catastrophic Housing Market Crash Is Coming

On May 15th, the property market in Daya Bay witnessed a significant markdown, setting a historic record with a staggering 52% reduction in price. Lower floors are currently valued around 6800 yuan per square metre in a 26-story edifice where the cost tends to go up to 7000 to 7200 yuan per square metre for higher floors.
This dramatic reduction underscores the troubling trajectory of the property market in Huizhou, Guangdong, where properties are seeing a precipitous fall in prices, reaching a rare 52% discount, a testament to a veritable market collapse.
Alarming signals emanate from this downturn as the wealthy elites who once held numerous properties have now entirely liquidated their assets, leaving the market in the hands of ordinary investors. Concurrently, the volume of second-hand homes traded in first-tier cities is dwindling, a trend that could jeopardise China's banking sector and local governance.