Shanghai Home Sales Plunge 86% in Golden Week.
Golden Week, a seven-day Chinese holiday, is traditionally a peak period for home sales. This year, sales plummeted.
Sales of new homes in Beijing dropped to their lowest level since 2014 during the week following the National Day holiday.
Beijing faces the dilemma of all speculative markets: because most real estate buying is now driven by expected price increases, when prices credibly stop rising, buyers disappear and prices begin to fall.