Beijing – Facing a prolonged slump in the Chinese housing market, homeownersโ are increasingly turning toโ traditional beliefs and rituals in a desperateโฃ attempt to attract buyers,โ according to reports surfacing on social media and confirmed by real โคestate agents. โThe trend reflects dwindling โขconsumer confidence and purchasing power, contributingโ to a โฃslowdown in property sales across โฃthe country.
The practice, dubbed xuanxue – aโข term encompassingโ good luck rituals, mysticism, and feng shui – involves homeowners performing temple prayers, purchasingโ charms believed to expedite sales, and even displaying theโ character for “sold” written in red onโค their properties. The โsurge in theseโ activities follows a recent social media post detailing a homeowner’s โsuccess in selling a property after engaging in โsuch rituals, sparking โขa wave ofโฃ similar attempts.
On the โRedNote platform, hundreds of users have recently shared images โขof their charms and pleas for swift sales. While some claim immediate results, others report continued difficulty finding buyers. “I’veโฃ tried everythingโฆ but still no one asks,” one user posted.โข Numerous others echoed the sentiment, expressing hope that the โperceived luck of others will extend to their own properties. “Praying that my apartment will sell โฃquickly,” and โ”I have three properties I want toโฃ sell,” were โคcommon refrains.
The desperation โคunderscores the challenging conditionsโค inโฃ the Chinese property market. โReal estate agents report substantially longer sales timelinesโ and increasedโ buyer leverage in price negotiations. โค”Selling a house is veryโค challenging now,” โคstated Song Yulin, โฃa Shanghai-based agent. “If it’s not put up โat a very cheap price, it โฃusually takes three toโค six months to sell.”
The trend highlights a growing anxiety among chineseโข homeowners as demand weakens and the market struggles to โฃregain momentum after fiveโ years ofโ sluggish โgrowth.
