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I don't think it is the right time to buy property in any of the major cities in China.|
I have suggested before that the speculators and developers are feeding an artificial market by building - and then not selling - or buying and then hoarding, and again not selling - just to drive up housing prices.
I have no intention to buy a "new" apartment either in Shenzhen of Guangzhou simply because the markets are so artificial. In Shenzhen there are thousands of empty apartments and some have been empty since the day the buildings were finished. They are not released onto the market by the developers because they want to manipulate the market prices.
The Shenzhen government has and continues to institute new laws to combat the collusion between the developers and speculators, as have the Beijing, Shanghai and Guangzhou - and other municipalities - governments, but this is a very tough nut to crack.
Just look at Hong Kong where, under the English dictatorship the housing market was so controlled by the developers and speculators - most of whom were and still are in the control of, or in the pockets of, the English - and where a tiny little apartment in a garbage pit costs millions of HKD...all due the manipulation of the market by the developers and speculators.
For myself, I am going to buy an older apartment - maybe two together and join them since another problem with far too many new buildings is that the apartments are so small that even a person who needs glasses to see a few feet in front of their face can watch TV without using their glasses, and the ceiling so low that anyone taller than about 5'5" has to "duck" to walk around, or in which the bathroom is so small that one can barely turn around - but an older apartment is much larger, has a higher ceiling, often a larger bathroom and bedroom and buying two that are side-by-side and redecorating is much cheaper than buying one of the low-quality "new" apartments that one still needs to spend hundreds of thousands of RMB on just to get it to the point where one can "sort of" live in it.
So, no, don't bother buying a new apartment if at all possible. Rent - or buy an older apartment and fix it up.
Wait until the developers and speculators are bankrupt and the various governments establish stronger laws against speculators and unscrupulous property developers.