Beijing – Facing a prolonged slump in the Chinese housing market, homeowners are increasingly turning to traditional beliefs and rituals in a desperate attempt to attract buyers, according to reports surfacing on social media and confirmed by real estate agents. The trend reflects dwindling consumer confidence and purchasing power, contributing to a slowdown in property sales across the country.
The practice, dubbed xuanxue – a term encompassing good luck rituals, mysticism, and feng shui – involves homeowners performing temple prayers, purchasing charms believed to expedite sales, and even displaying the character for “sold” written in red on their properties. The surge in these activities follows a recent social media post detailing a homeowner’s success in selling a property after engaging in such rituals, sparking a wave of similar attempts.
On the RedNote platform, hundreds of users have recently shared images of their charms and pleas for swift sales. While some claim immediate results, others report continued difficulty finding buyers. “I’ve tried everything… but still no one asks,” one user posted. Numerous others echoed the sentiment, expressing hope that the perceived luck of others will extend to their own properties. “Praying that my apartment will sell quickly,” and ”I have three properties I want to sell,” were common refrains.
The desperation underscores the challenging conditions in the Chinese property market. Real estate agents report substantially longer sales timelines and increased buyer leverage in price negotiations. ”Selling a house is very challenging now,” stated Song Yulin, a Shanghai-based agent. “If it’s not put up at a very cheap price, it usually takes three to six months to sell.”
The trend highlights a growing anxiety among chinese homeowners as demand weakens and the market struggles to regain momentum after five years of sluggish growth.