When long-awaited housing price cuts finally came to the Chinese market, the immediate response was not a warm welcome. Instead, media reports have featured protests from homeowners in cities where prices dropped right after they made purchases.

Hundreds of homeowners stormed into the sales office of a property project developed by the Longfor Company in Shanghai last week to demand compensation, as prices have dropped by as much as 30 percent since they signed their purchase contracts.

The protests followed a promotional policy instituted by the developer starting Oct. 15. The policy offers buyers a total discount of 300,000 yuan (47,200 U.S. dollars) if the owner spends 20,000 yuan on a membership at a designated website. This policy could bring down the average price per square meter by 20 to 30 percent.

A woman surnamed Kong who bought a house before the discount was created was irritated.

"My house is to be delivered in March and I haven't even gotten the key yet. But its price has already dropped," she said.

Similar episodes have been reported in the cities of Beijing and Hangzhou, where housing developers, pressed by a financial crunch and a sales slump, have moved to spur sales.

While the price drops have sparked disputes among people who have already purchased their homes, many see it as a sign that China's housing bubble will gradually deflate and that the market will see a turning point soon.