Prices of newly constructed residential buildings in Wuhan have risen 6 per cent in the past year. But in October, there were signs of a more concerning trajectory taking hold in the central Chinese city.
A group of homebuyers protested last month after a developer cut prices by up to 30 per cent at a project where they had already made purchases. Several demonstrators were detained, state-backed media reported last week.
The issues in Wuhan are the latest sign that a crisis across the country’s real estate developers is putting pressure on house prices, heightening sensitivities around a property slowdown that already poses a threat to the wider Chinese economy.
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