The number of used homes listed for sale recently skyrocketed in China’s industrial hub Suzhou, prompting a local financial expert to assert that the city’s housing prices would collapse by the year’s end.
According to information on Lian Jia, a Beijing-based real estate trade platform, the number of second-hand homes for sale in Suzhou was 163,108 units on May 1.
“It can be said that a home-selling tide has arrived,” said Wu Shengbiao on April 28, a Suzhou-based finance columnist for China’s portal NetEase, adding that the city’s foreclosed houses and abortive auctions are climbing every day.
More second-hand homes released in the market means more people flee the city, especially foreign investors who are leaving Suzhou after losing confidence….