Beijing replaces Shanghai as biggest second-hand home market

17:02, December 29, 2010      

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Beijing surpassed Shanghai for the first time in second-hand house sales in 2010, becoming the biggest second-hand home market in China, according to information from the Beijing Real Estate Transaction Management Network.

In 2010, a total of 172,000 second-hand homes were sold in Beijing, surpassing the 145,000 units sold in Shanghai.

According to Hu Jinghui, vice president of I Love My Home Real Estate Agent Company, both new houses and second-hand houses are in short supply in the first-line cities of Beijing, Shanghai, Guangzhou and Shenzhen. Beijing was behind other cities in terms of second-hand house sales in the past.

Last year, Beijing and Shanghai recorded second-hand housing sales of more than 200,000 units each. This year, under the influence of the new regulatory measures, sales of second-hand houses decreased in both cities, dipping below 200,000 units, but Beijing sold more than Shanghai, becoming China’s biggest second-hand house market.

Hu said Beijing has a pool of 5 million second-hand houses. In recent years, a number of factors, such as rapid economic growth in the capital, the fast development of surrounding satellite towns and new districts as well as the influx of city residents, created strong demand for second-hand houses.

Data shows that from January to November 2010, Beijing's new housing supply decreased 7.3 percent to 7.4 million units. The shrinkage in supply of new houses also prompted buyers to turn to the second-hand housing market.

By People's Daily Online
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