The latest data shows that transactions across 300 large and medium-sized cities nationwide numbered 24-thousand, down by 20 percent year-on-year. 

 

Meanwhile, transaction volume reached 2 trillion yuan, down 10 percent compared with 2014, but still at a high level due to high prices.

 

Zhu Daolin, professor of China Agricultural University, says the market's performance is in-line with expectations. 

 

"On the one hand, the economic growth slowed down under the new normal. On the other hand, we have experienced a rapid development in the real estate market over the past ten years and now oversupply² happened in different cities after most strong demands were satisfied. So, for real estate developers, reducing stock became important." 

 

Despite a slowed market, first-tier cities including Beijing, Shanghai and Guangzhou still recorded good momentum³.

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