Market-cooling measures have desired effect

SHANGHAI - The introduction of various market- cooling measures by the central government over the past few weeks seems to have stunned speculators, causing many potential homebuyers to hold off on taking the plunge of buying a house.

And some developers, saddled with heavy debt, have reduced prices to try to woo back buyers.

EverGrande Real Estate, a major developer, is reportedly offering a 15 percent discount to push sales of apartments in one of its housing developments in Guangzhou. Meanwhile, transactions in Shanghai dropped as much as 80 percent by early May.