Beijing’s property sales fall 12 percent

January 19th, 2012 - 10:41 pm ICT by IANS  

Beijing, Jan 19 (IANS) Property sales in Beijing dropped by 12.2 percent year-on-year in 2011, an official said Thursday.

Real estate developers sold 14.4 million sq meters of commercial estate and housing last year, spokeswoman of the Beijing municipal bureau of statistics Yu Xiuqin said.

A total of 10.35 million sq meters of commercial space were sold in 2011, down 13.9 percent from a year earlier, Yu said.

Prices of new homes rose 1 percent year-on-year in December. The rise was 0.3 percentage points lower than the previous month and 8.9 percentage points lower than the year before, Xinhua quoted Yu as saying.

Prices of existing homes fell 2 percent year-on-year in December, a year-on-year decline for the second month in a row.

The real estate market in Beijing is expected to be under further pressure this year as the government will continue its regulatory measures on the sector to bring down house prices to reasonable levels.

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