Really cheap apartments found in Guangzhou

A THREE-BEDROOM, two-living room apartment is on sale for 90,000 yuan (US$13,158) in Zhangmutou in Guangzhou City as many people from Hong Kong are moving out of the area, Guangzhou Daily reported today.The house is nearly 100 square meters and is in Zhangmutou area of Fanyu District, which is known as “Little Hong Kong.” The second-hand apartment was listed at a real estate company near Zhangmutou Railway Station. The head of a real estate company surnamed Ke, who has worked in the property market for eight years, told the newspaper that the price was equivalent to 900 yuan per square meter, but that it was still hard to find a buyer.Ke added that some apartments were even cheaper, but nobody wants to buy at such a low price. He said there were no criminal cases linked to the house and it was not old or run down.“You can go to any real estate company and the price is almost the same. The house is in good condition and the neighborhood is also quite nice, but the price is so low.” Ke told the newspaper. “Zhangmutou apartments are the cheapest in China.”Nearly all real estate companies are selling houses at similar prices, but still only make a few deals a month, according to the report.Ke said it was mainly because many people from Hong Kong started leave Zhangmutou.“Those people who spent their vacations here left and some Hong Kong people who regularly came here also left now that they are getting older,” Ke said. “When their friends left, other people also wanted to leave as well.“The Hong Kong dollar has also fallen against the yuan and commodity prices are relatively higher (in Guangzhou).“In addition, the Hong Kong government is investigating public housing cases in the SAR. If you have a house on the mainland then you are ineligible to stay in a public house in Hong Kong. With these factors working together, house owners from Hong Kong are eager to sell here,” Ke addedA Hong Kong house owner surnamed Zhang, a container truck driver of 49 years old, said he wanted to sell his two-bedroom, two-living room apartment for 60,000 yuan. “My apartment is in good condition with property certificate and all the household electrical appliances,” Zhang was quoted as saying. I bought it 10 years ago for more than 200,000 yuan, more than 3,000 yuan a square meter, but now the average price is 1,000 yuan a square meter. I bought it for the convenience of living here and hoped for an increase in value, but it started to drop immediately after I bought it. If I don’t sell it, the price might go even lower.”A potential buyer said: “The macro-economy is slowing down and many Hong Kong house owners are leaving, so they have to sell their houses at lower prices. There is no hurry to buy now.”