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Beijing's housing prices dropped 8000 yuan

By Cai Muyuan (chinadaily.com.cn)
Updated: 2010-05-11 16:43
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Beijing's residential housing prices dropped 8000 yuan per square meter on average a month after China issued tough property measures to cool the red-hot property market, the Beijing News reported Tuesday.

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According to Yahao Real Estate, a Beijing-based property brokerage firm, the city's residential housing cost averaged 16,898 yuan per square meter from May 3 to 9, fell 9.60 percent from a week earlier and declined 31.43 percent from the week ( April 4 to 11) before the policy has been taken, the newspaper said.

The average price of residential housing fell 10 percent to 18,688 yuan from 22,176 yuan per square meter from April 26 to May 2 and it continues to dive.

Statistics show that newly built housing projects in Beijing opened with lower average prices than the estimated prices and the declines ranged from 2,000 to 5,000 yuan per square meter, according to the news report.