Business / Industry Watch

Slump hits Beijing real estate

( Updated: 2014-03-03 16:18

Number of new houses sold in Beijing fell to its lowest level in February since 2007, according to data from Beijing Municipal Commission of Housing and Urban-rural Development.

Real estate sector in the capital saw a 68 percent decline in turnover of new homes compared to January, with just 2,221 properties changing hands in February, said the commission.

"Reasons for the decline are mixed. As a traditionally slack season for the real-estate market, February also saw shrinking demand and buyer's wait-and-watch mood", said Hu Jinghui, vice president of BA Consulting and 5i5j Group, a real estate company in China.

Meanwhile, Beijing's second-hand housing market also took a hit. Only 5,441 properties have sold in February, a decline of 38 percent compared to January.

Beginning from the fourth quarter of 2013, Beijing's second-hand housing market started a downward trend said Zhang Dawei, the chief analyst of Centaline Property Beijing. The trend would continue, he said.

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