The number of property transactions has plummeted across the country. A weekly report by the China index academy showed fewer home purchases in 26 of the country's 32 local real estate markets.

Nanjing dropped the most transactions falling almost 78 percent. Seven other first-tier cities dropped by more than 20 percent. Transactions in Beijing increased, but only by point 4 of a percent. The report says the overall downturn is a reflection of that wait-and-see mode, brought on by the State Council's newly implemented control measures. Demand for commercial property is still strong.

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