Economy
Beijing property value down 15.5% in February
By Zuo Likun (chinadaily.com.cn)
Updated: 2010-03-02 15:39
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Beijing's property market cooled down in February, with a nearly 40 percent decline in trade volume from the previous month, as the government tries to stabilize the feverish real estate sector, Beijing News reported Tuesday.
Property prices of newly built homes in the metropolis dropped 15.5 percent to 16,362 yuan ($2,397) per square meter in February, with trade volume down 32.2 percent from the previous month. The volume of presales plummeted 37.9 percent during the same period, the report said, quoting statistics from property agencies.
Sales of pre-owned homes in Beijing shrank to 9,118 units, ending its 10,000-strong trading record of 11 consecutive months. The price was down 1.7 percent to 13,460 yuan ($1,972) per square meter.
As a vivid illustration of the about-face in the real estate industry in the capital city, its trading volume of pre-owned homes, in January and February combined, declined to 23,123 units, only 55 percent of that in December.
