Shenzhen Business Loan Renewal Survey: Average Transaction Price of Second-Hand Houses Drops
In the bustling Shenzhen property market, a significant decline in the average transaction price of second-hand houses has led to financial woes for many home buyers. A survey revealed that the average transaction price of second-hand houses fell from the prefix 8 to the prefix 6, and the assessed price dropped from 6 million to over 2 million yuan. This has raised concerns about the renewal of business loans for many homeowners.
Many home buyers who used their houses to take out operating loans three years ago are now facing the risk of not being able to renew the loan. This is due to the significant decline in housing prices, resulting in the appraised value of the house being much lower than the original loan value. As a result, many homeowners may be required to repay a large amount of the loan at once, or risk having their property foreclosed upon if the loan is not repaid.
Bankers have confirmed that due to the continued decline in housing prices, the current bank loan appraisal price is likely at the level of 2019. Banks are generally requiring customers to reduce the loan limit, renew the loan, or transfer to other loans with higher limits. However, some people in the industry have suggested that the conditions for business loan applications have become more relaxed, creating opportunities to increase loan ratios and apply for credit loans.
As a result of the decline in housing prices, many homeowners are struggling to renew their loans. One home buyer who used a top-floor duplex house in Futian District as a business loan three years ago has been unable to find a solution. Another borrower was shocked to find out that the appraised price of his house had dropped from 6 million to over 2 million yuan.
Amid the challenges of loan renewal, some people have turned to credit loans. The heavy pressure of renewing operating loans has provided a financial outlet for credit loans that were originally subject to strict review. However, the decreasing appraisal value of houses has made it difficult for many homeowners to secure the loans they need.
The decline in housing prices has been a significant factor in the challenges faced by home buyers seeking to renew their loans. The future trend of Shenzhen’s property market remains uncertain, but experts believe that the market prices have stabilized, and customers are seizing the opportunity to pick up bargains. For investors, it is important to carefully consider the risks and opportunities in the current market.
Securities Times, while providing information on the property market, emphasizes that the content mentioned in the article is for reference only and does not constitute substantive investment advice. Any operations based on this information should be done at the investor’s own risk.
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