Property market hits new low in Beijing

Updated: 2011-08-02 17:50


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Beijing's real estate market is still gloomy months after the government issued housing purchase restrictions, National Business Daily reported Tuesday.

According to statistics from, 16 contractors offering forward delivery housing projects obtained pre-sale permits in Beijing last month. The project made 4,300 available to buyers in July, which is about 40 percent of the number from June. Just over 300 buyers purchased units of forward delivery housing in July, representing 7.1 percent of the total available.

The supply of these homes and the purchase rate of those available have both hit a new low, the newspaper reported.

Beijing's real estate was dim last year before rebounding strongly at the end of August and early September. Experts are not optimistic the same thing will happen this year.

Guo Yi from Yaohao Real Estate Selling & Consulting Solution Agency said the policies this year are heavy and the market would not improve in the short term, according to the report.

Zhang Lei, senior manager at Midland Realty, told the reporter this year's real estate policy curbed market demands. Those who are capable of purchasing houses lost their qualifications, he said, while the market price is still too high for those who are qualified.