Record surge in used apartment sales

There has been a record surge in the number of second-hand apartment sales in Beijing in November, with about 1,000 transactions every day.

According to a report in Beijing Business Today, the monthly demand for older houses in Beijing has reached 85,000 apartments, while the market supply is only 20,000. The supply-demand ratio is the highest this year.

Statistics released by bjfdc.gov.cn, an official website for the Beijing real estate trade administration, show that as of Nov 15, the second-hand apartment transaction volume reached 217,000, almost equal to the total amount of sales from 2006 to 2008.