Zhuhai real estate freezes

The coronavirus outbreak has had a sharp negative effect on property markets across the country, and Zhuhai is no exception. Although the city neighboring Macau was the Greater Bay Area’s best performer last year, boosted by policies from Beijing favoring Macau and Hengqin, the virus outbreak has slammed the lid on the market’s rise.

It’s not just projects under construction that are being affected. Offline sales for existing projects have been completely halted, and cashflow at the developers has been impacted as deposits have been returned while everyone waits to see what the government will do next. 

The giants, such as Huafa, Logan, Agile, and Nimble have stepped up their online sales efforts, and launched online services through salespeople’s WeChat circle of friends, their own platform / APP, and WeChat public account mini programs. 

In addition to the above-mentioned conventional operations, Times China, the local real-estate developers’ association, has introduced a 7-day no-reason check-out policy. 

Meanwhile, economic support measures related to the property market are also being introduced. They include the following:

At the national level: Banking regulators have announced that those affected by the epidemic who have no income temporarily can postpone repayment of mortgages and credit cards, while the central bank (PBOC), is “encouraging banks” to “appropriately reduce lending rates”, and has injected 1.7 trillion yuan of funds into the market.  

In Zhuhai: Labor subsidies of 500 yuan per new staff hired, up to a maximum of 1 million yuan per enterprise, interest-rate subsidies, and special loans of up to 500,000 yuan per enterprise have been announced by the municipal government.

The obvious question on everyone’s minds is how soon the market can resume trading. In the meantime, it seems the government is keen to promote online services.

The official website of the center and the WeChat public account of “Zhuhai Real Estate” continue to provide services, while banks that have signed the “Internet + Financial Services” model of real estate registration are providing online transaction services as normal.

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