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Beijing housing price spike slows down
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15:37, March 20, 2008

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Beijing's newly built residence price spike began to slow down in February 2008, according to news from the National Bureau of Statistics (NBS) and Beijing Bureau of Statistics on March 19.

Beijing's newly built residence price index in February was 116.5 percent, and 0.7 percentage points lower than in January. This initiated the slowing down.

Beijing's housing price index in the suburbs is higher than that in the downtown area.

Beijing's real estate investment is increasing steadily. From January to February, the investment in real estate was 18 billion yuan ($ 2.4 billion), up by 23.4 percent relative to the same period last year. Investment in residential property was 8.46 billion yuan ($1.14 billion), down by 1.4 percent than the same period last year.

By People's Daily Online

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