From January to May, the Guangzhou Housing Placement Center collected RMB 22.71 million in taxes on sales transactions for second-hand apartments, more than 14 times that for the same period last year. The booming resale housing market has not only played an important role in stabilizing Guangzhou's property prices, but also generated significant revenue for the city.

Statistics from the Guangzhou Municipal Bureau of Land Resources and Housing Management show that second-hand apartments account for 44 percent of total property sales. From January to May this year, a total of 66,195 apartments were sold, of which 36,781 were new, with an average price of RMB 5,902/m2, and 29,414 were second-hand, with an average price of RMB 3,235/m2.

With the average price of second-hand apartments being RMB 2,667/m2 lower than that of new ones, budget conscious buyers tend to look for good deals in the resale housing market.

Editor: Yan