Latest News:  
Beijing   Cloudy/Sunny    4 / -7   City Forecast

People's Daily Online>>China Business

Property market to stay cool in new year

By Wei Tian and Hu Yuanyuan (China Daily)

13:16, December 30, 2011

Newly constructed residential property sales in Beijing are expected to be about 90,000 units this year, 18 percent fewer than the 111,000 that were sold this past year and almost half of the 179,000 sold in 2009. (Photo / China Daily)

BEIJING - Restrictions on China's residential property market are causing it to experience its coldest winter in a decade.

And analysts say 2012 will be an even tougher year.

By Wednesday, sales contracts for 9.4 million sq m of new homes had been signed in Beijing and an estimated 9.5 million sq m worth are expected to be signed by the end of the year, according to a report by the Beijing-based Centaline China Property Research.

That area is 23 percent smaller than it was last year and is likely to be the smallest in the past 10 years.

The data are even less promising than they were during the 2008 downturn, when the total area contained in new homes sold was about 2 million sq m larger, the report showed.

This year is expected to see sales of about 90,000 new apartments and houses, 18 percent fewer than the 111,000 that were sold last year and almost half of the 179,000 sold in 2009.

Even so, 124,200 are still for sale, according to data from the Beijing property market regulator's website. That number has increased by one-third since the property restrictions took effect in February.

While fewer new properties are being sold than at any other time during the decade, the demand for used properties has also decreased greatly in the past three years.

The Beijing Construction Committee reported that 121,000 second-hand properties had been sold this year, 38 percent fewer than in 2010.

【1】 【2】 【3】

Email|Print|Comments(Editor:王莉莉)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Workers set up Chinese red lanterns around Temple of Heaven

  2. Wall Street ends flat for year despite a big volatile year

  3. In Pictures: Iranian naval maneuvers enter 7th day

  4. As Spring Festival coming, more than 100 migrant workers still stay in Zhengzhou

Most Popular

Opinions

  1. Japan's case of flawed priority
  2. Move to send 'alarming signal' across Asia
  3. EU's airline carbon tax may backfire
  4. Asian countries refuse to 'take side'
  5. US uses 'hedging strategy' to deal with China's rise
  6. What is behind US 'Return-to-Asia' strategy?
  7. China's GDP growth may slow to 8 pct in 2012
  8. China's economy not to suffer a hard landing
  9. Common interests prevent 'Cold War'
  10. War-related carbon emissions deserves attention

What's happening in China

As Spring Festival coming, more than 100 migrant workers still stay in Zhengzhou

  1. Beijing tourism realizes great lead forward
  2. Panda shows carnivorous side
  3. Local governments quiet on housing restrictions
  4. Shenzhen finds cancer-causing mildew in food
  5. China busts counterfeit drug racket

PD Online Data

  1. Traditional Mooncakes
  2. About Mooncakes
  3. History of Mooncakes
  4. Modern Mooncakes
  5. Legends of Mid-Autumn Festival