Beijing mortgage market dip in April

Beijing's secondhand homes turnover in April hit its lowest point in 15 months, following new control policies introduced that month.

Only 5,212 units of secondhand homes were contracted online in April, a plunge of 88.1 percent over March, according to Centaline Property, a housing brokerage company.

Turnover in Beijing's housing mortgage market in April fell 40 percent over March, according to 5A Home Loan Services.

Beijing's property control policies are the severest of China's cities. They include a 20 percent tax on profits from a homeowner's sale of property, and an increase in the down payment requirement for second purchases.

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