Wendy Zhang/ Shanghai Daily news

Government macro-control policies have cooled the domestic zest for properties, with Shanghai residents responding the strongest to the policies, according to a survey by the People's Bank of China released yesterday.
Chinese residents' desires to buy homes are at a historic low.
Only 19 percent of domestic residents plan to purchase homes in the coming three months, down 2.9 percentage points from the previous quarter and 2.2 percentage points from a year before. Also a historic low of 11 percent of residents are saving money to buy homes or do interior renovations, down 0.4 percentage point from the previous quarter and 0.8 percentage point from the previous year.
Different cities are responding differently to the policies.
Shanghai residents are reacting strongly, with the number of prospective home purchasers in the coming quarter down 12 percentage points from the previous quarter. The percentages are also down in Chongqing (3.7), Xi'an (3.3), Wuhan (2.2) and Tianjin (0.8).
However, they are up in Beijing (2.2) and Guangzhou (0.7).