In a report from Epoch Times on April 18, 2025, a housing development in Nanchang City, Jiangxi Province, which opened nearly four years ago, recently had a 60% discount sale. One homeowner who purchased a house for 1.19 million yuan in 2022, now sees its value plummet to only 400,000 yuan, leaving them with a potential loss of 300,000 yuan if they were to sell. This news made it to the top trending searches on Baidu on April 18, sparking discussions among netizens.
Video footage from Jiupai News on April 17 shows that the property prices in the housing development in Nanchang, Jiangxi, dropped from 12,000 yuan per square meter to 4,338 yuan per square meter, a significant 63% decrease after almost four years of opening. The sales department mentioned that the last 100 units were sold at the discounted price for clearance.
The video revealed that the development opened in September 2021, located in Honggu Bay Jiu Longhu New City.
According to a headline on China Net on April 18, the housing development is named Jiangling Times City.
This substantial price drop in the property market has caused frustration and heartache among existing homeowners.
It was reported by China Net that Ms. Wang, who bought a three-bedroom apartment for 1.19 million yuan in 2022, now faces selling it for around 400,000 yuan, while still owing the bank 700,000 yuan in loans. This situation puts her in a position to potentially lose another 300,000 yuan when selling the property to cover the remaining loan.
Some netizens expressed their concerns, questioning whether it is still viable to buy houses given the rapid devaluation, which surpasses their income growth.
A post by Chinese blogger Leo Zhang on April 18 revealed that many existing homeowners are unable to accept the significant price cuts by developers and have begun forming groups to demand compensation or house refunds.
However, the developers argue that the price reduction is a normal commercial practice, unrelated to existing homeowners. They claim that the properties belong to the developers, and the decision to lower prices is influenced by market considerations and the need to recover funds. This stance has left existing homeowners feeling helpless and angry, leading them to seek assistance from local authorities and relevant departments.
Director Hu from the law firm Mo commented to China Net that the developers’ actions are aimed at fund recovery, conforming to market strategies, and are considered normal business behavior.
Leo Zhang further opined that the substantial price cuts by developers reflect the poor real estate environment in Nanchang.
He pointed out that the imbalance between supply and demand in the Nanchang property market has worsened in recent years, particularly in remote areas and emerging districts due to inadequate infrastructure and transportation, resulting in insufficient demand for housing. Developers, in the bid to quickly recover funds, had to resort to discount promotions.
Additionally, government regulations on the real estate market have had a significant impact on property prices. In recent years, in a move to curb rapid price rises and mitigate financial risks, the authorities have implemented a series of purchasing and loan restrictions. These policies have somewhat subdued housing demand, leading to a decline in property transactions. In response to market shifts, developers had to adopt price reduction strategies.
Moreover, some developers are facing tight financial constraints. Due to various factors such as tight funding chains or operational mismanagement, some developers have resorted to price cuts for promotions. Their objective is to expedite fund recovery through discounted sales to alleviate financial pressures.
Given that property prices directly impact people’s livelihoods, this news has sparked widespread discussions among netizens.
Many netizens have expressed rational thoughts, acknowledging that fluctuating commodity prices are normal, and instead criticized past government interventions in the market. Some netizens acknowledged the emotional turmoil experienced by homeowners facing significant price drops.
A netizen by the username “Only Dreaming” advised homeowners, saying, “Buying a house is indeed like buying a car, it’s a consumable item now. Unless necessary, avoid buying houses, isn’t renting a house better?”
Another netizen from Shandong, “Xuan Zixuan”, sought to console homeowners, saying, “A home is a place of shelter, price fluctuations are unpredictable, but the sunlight outside the window and the laughter of family are always worth cherishing.”