The Spring Festival is traditionally a good time for home sales. But property developers in China have seen fewer buyers this holiday season.

In major Chinese cities, many property projects are offering massive discounts and launching promotions during the Spring Festival.

A property dealer says, "to attract buyers from other cities, we launched mortgage services. Previously, non-local residents could only purchase properties with full payments."

A home buyer says, "the discounts are not bad. So I'd like to buy another house."

Developers are giving away free home appliances and exquisite decorations. Some even launched lucky-draw promotions to attract buyers. But some buyers are still holding back.

A home buyer says, "I am only house-hunting with my parents. I still think there is still room for a further price-cut. I'll be holding back."

The home buyer says, "The promotions are not good enough. The price is almost the same as last year."

Some figures show that over the past week, home sales fell by 20 percent in Guangzhou compared with the last year's lunar New Year holiday. Developers in Beijing and Shanghai also failed to impress the market. There were no housing transactions in Shanghai last Wednesday and Thursday.

Industry insiders say people expected massive price-cuts during the Spring Festival and that's why many people were checking out properties. But some buyers believe house prices will continue to go down, and are adopting a wait-and-see attitude.

Analysts believe that average property prices in China will not fluctuate in the short-term. They belive the next round of housing promotions is likely to be in mid-February.

(CCTV February 3, 2009)