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January 18, 2010

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Home » Business » Real Estate

Beijing sees fall in home transactions

PROPERTY transactions in Beijing in the first two weeks of this year slumped, following a string of government moves to curb soaring real estate prices.

The Beijing property transaction management authority said on its Website that sales of future delivery residential apartments during January 1 to last Wednesday plunged 63.9 percent to 3,031 units from 8,397 units in the first half of December.

Those for second-hand homes also dived 73.3 percent to 4,800 units, according to data from the authority's Website.

The relatively small transaction volume was largely due to a strong wait-and-see sentiment from the buyers, in response to the government's efforts to deflate a property bubble, said Gao Shan, vice general manager of the Beijing-based Comprehensive Real Estate Service Corp.

The central government has taken a series of measures, including trimming loans, intensifying land supply, market monitoring and ending tax rebates on property transactions, to prevent housing prices from soaring since the previous month.

Chinese housing prices began to pick up in February last year, and touched an 18-month high in December.

Data from the National Bureau of Statistics showed housing prices in the country's 70 large and medium-size cities rose 7.8 percent in December from a year earlier.


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