Guangzhou's property market was also slow during the seven-day holiday. Only 24 homes were sold, mainly in the city's suburban districts.
Market watchers say that many potential buyers looked at properties during the holidays, but most did not buy -- citing high prices as the main reason behind their reluctance.
With Guangzhou’s home prices at about 20 thousand yuan, or 31 hundred dollars, per square meter, many are holding out for prices to drop.
Many of the city’s sales centers were closed for holiday during the Spring Festival because they anticipated slow sales.
