No matter how hot they get, property markets tend to cool in the same ways. Attention starts to shift from year-on-year price changes to month-on-month comparisons. Transactions dry up. The shares of listed developers suffer, as they offer incentives to shift inventory. Analysts start to talk about “froth” being “skimmed.” All this is happening now in China, where prices in more than half of the 70 biggest cities were flat, or fell, between July and August.
不管一個地方的房地產市場曾有多熱，他們最終都傾向于以相同方式降溫。市場注意力開始從年度價格變化，轉移至月度價格變化。交易量趨向枯竭。上市房地產開發商通過促銷來出售庫存，牽連其股價遭受打擊。分析人士開始談論市場的“去泡沫”化。所有這一切目前正在中國發生，全國70個最大的城市中，有半數以上城市在今年7月至8月期間房產價格下降或持平。
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