The global financial crisis was far from its peak, and housing prices in Shenzhen had not yet hit rock bottom. However, many developers were already growing restless, competing to slash their prices for a quick sale. There was no bottom, only a race to go lower.
But aside from a small number of people with an urgent need to buy, no one else was willing to purchase a home at this time. It didn't matter how low the prices were; what wouldn't sell, still wouldn't sell. The developers, who had been overjoyed a year ago, were now just as disappointed, each one frantically trying every possible method to offload their properties. But it was no use. Given the overall economic environment, no amount of creativity could change the fact that the houses simply wouldn't sell.
The larger, well-established developers were in better shape. Having made a fortune previously, they could afford to weather the storm. It was the small and medium-sized developers who were truly starting to panic.
