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People's Daily Online>>China Business

Second-hand Beijing house prices fall to lowest level in 15 months

(Xinhua)

14:32, December 02, 2011

BEIJING, Dec. 2 (Xinhua) -- The average price of resold apartments in Beijing dropped to 22,018 yuan (about 3,456 U.S. dollars) in November, its lowest level in 15 months, according to a report released by the Beijing Municipal Commission of Housing and Urban-Rural Development on Friday.

In November, the total volume of second-hand housing sold in Beijing was 7,428 units, a 55.8 percent decrease compared with the figure in December of 2010, said the report.

Moreover, the average price of resold apartments in Beijing has dropped for three consecutive years and now stands at the level of the third quarter in 2010, said Hu Jinghui, a senior real-estate expert and vice president of the 5i5j Real Estate Service Company in Beijing.

Flagging demand for housing in Beijing has finally pushed prices down. The trend for second-hand apartments to fall in price has extended from the outer suburbs to the core regions of Beijing, Hu said.

He predicted that, from the end of 2011 to the January of 2012, there is scope for the average price to decline by a further eight to 8 to 10 percent. If that happens, prices will have sunk to the level they were at in the first quarter of 2010.

To achieve its goal of cooling the property market, the Chinese government has enacted a number of policies, including limiting the number of homes people can own, requiring higher down payments, introducing a property tax in some cities and constructing low-income housing projects.

It has repeatedly pledged to continue these market curbs until house prices reach a "reasonable" level.

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