Luxury properties not selling as well as mid-priced ones

Most of the capital's luxury real estate projects are encountering poor sales even in the back-to-boom market, industry insiders revealed.

Nearly 70 percent of the property for sale in the 30 most expensive developments remain on the market, where some have languished for more than four years, according to Beijing Times.

Figures from the Beijing real estate trading management website, an official portal run by the Beijing Municipal Commission of Housing and Urban-Rural Development, revealed that sales of new houses increased by 7.3 percent in August compared to July, while used houses increased by 14.3 percent in the same period.