The real estate market was evidently slower this New Year's holiday, as buyers and sellers waited to see the effect of a raft of new housing policies.

They were issued at the end of last year to regulate the market, and it's still unknown what impact they'll have. In Guangzhou, developers didn't offer any New Year promotion, and prices remained high. As a result, the sales boom of past year's didn't happen. In Shanghai, new home sales remained slow during the 3-day holiday. Only 186 units were sold.