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Quake spurs rentals but hits home purchases

By Hu Yuanyuan (China Daily)
Updated: 2008-06-19 15:45

Han Lin, an employee from Sunco Real Estate Brokerage Company's Chengdu branch is particularly busy these days. Soaring rents in the region following the earthquake is taking up much of her time.

"I could on average manage six to eight apartments on a single day," Han said. "Many people from quake-hit areas come to Chengdu for temporary living, and the business in May was more than double that of March and April."

Meanwhile, rents are also growing rapidly due to the soaring demand, Han added.

However, people's desire to buy apartments is seeing a large decline.

"Most buyers now take a wait-and-see attitude and are concerned about the buildings' quality and the frequent aftershocks," Han said. "But the demand will rebound as time passes by," she said.

The quake also shook people's determination to buy property. For most Chinese people, real estate is usually their largest investment. An earthquake could destroy it all within seconds.

Liu Ling, a 29-year-old company executive who was saving up for her own apartment, now suddenly finds it not so important to buy a house.

"Compared with gold bars or bank deposits, investment in property is risky. I may dig out some gold bars from the debris, but I couldn't restore my broken house for sure."

If the house breaks down, and the house owner still has to pay the mortgage, it will be a disaster, she added.

And the quake has also changed people's criteria in picking out an ideal apartment.

"Before the quake, I only attached attention to the location, price and virescence when choosing an apartment. I never took into consideration the building's resistance to an earthquake," said Cheng Jia, a college teacher. "But now I will definitely add this new criterion."

Liang Hong, an accountant at a State-owned enterprise, said he prefers his apartment on a lower floor and with a low plot ratio.

"Besides, property developers shall tell customers if their buildings are located in a quake-prone area and the level of their resistance to an earthquake," Liang added.

According to Savills, a UK property service provider, prices and sales volumes in Chengdu's property market understandably faltered after the earthquake and it is expected that the slump may continue in the short term.

"But the destruction of a number of properties in the worst-affected areas have resulted in a number of individuals becoming homeless, which could stimulate the Chengdu market, as individuals look for appropriate housing and government officials develop strategies to house those who have lost their homes," the company said in a report.

In the longer term it is expected that this tragedy will result in development of more stringent regulations for real estate safety standards especially with regard to earthquake resistance and buyers showing greater awareness about property standards.

The average price of high-end residential property in Chengdu has decreased to 7,223 yuan ($1,049.82) per sq m in the first quarter, down by 2.7 percent quarter-on-quarter.