Housing market shows sign of cooling down

The continuous effort to restrict speculative property purchases and curb house prices has paid off in a number of cities as the market in early October displayed signs of cooling down, according to industry experts.

China's real estate sector usually regards September and October as golden months, with sales normally peaking during this period. However, the market in the first week of this October has remained stable.

According to China Index Academy, a Chinese property market databank, only 7,000 square meters of property were sold in Beijing from Oct 1 to 6, a 19 percent drop year-on-year, while Shenzhen, the nation's rising technology hub, witnessed a 49 percent decline in transaction volume year-on-year.