Beijing's property market continues recovery

AMID a recovery in Beijing's real estate market, commercial property sales in the city gained over 30 percent annually to 13.1 million square meters in the first 10 months of the year, latest figures showed.

Home sales in Beijing soared by over 45 percent annually to 10.1 million square meters from January to October, according to data released by the Beijing Municipal Bureau of Statistics yesterday.

The surge was due to the city's property market continuing its recovery since May, when potential buyers snapped up bargains in the cooling market on fears housing prices would rise.

The buying was further boosted after two interest rate cuts since June cut mortgage costs and fueled hopes that more easing policies would trigger a stronger rebound.

Recommended Features: A Decade of Fastest Development Eastern Boom Lightens Western Gloom Oct. data released, inflation slows Gold collection issued to mark 'Year of Snake' China: A Fast-growing Force in IPR 13th Int'l Automobile Industry Exhibition China Int'l Industry Fair opens in Shanghai Caofeidian coal wharf put into use Canton Fair wraps up on Sunday