Property sales in China dropped for the first time in six months in October, indicating that property cooling measures have begun to take effect despite the robust real estate investment levels.
According to calculations by Reuters, property sales dropped 9.1 percent in relation to floor space and 11.5 percent in terms of value in October, compared to last year.
Developers have been forced to slash prices to boost sales. The move, however, has failed to lure home buyers.
Recently, Chinese Premier Wen Jiabao said Beijing would not ease property measures yet in order to pull home prices back to reasonable levels.
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