BUSINESSMAN Allen Zhao has been waiting since the middle of last year for prices in the scenic southern city of Hangzhou to rise high enough this year to sell his two-bedroom apartment for about 2 million yuan (S$405,300).
Last Monday, he was horrified to hear that his neighbour let her place go for just 1.7 million yuan.
"That is not much more than the price I paid in 2012," said a rueful Mr Zhao, 45. "Now I'm regretting not selling earlier - more bad news about the property market keeps coming in every day."
The property sector woes have kept coming: average new home price rises across the country have slackened for three straight months; property developers in big cities are offering discounts to prevent sales from plummeting; and foreign investment in China's real estate has fallen to the lowest in at least a decade.
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