Prices for pre-built homes fall by 10%

Prices for homes purchased "off plan" have fallen 10 percent in Beijing since authorities unveiled policies to control the property market, according to an industry insider.

The reason for the decline is largely due to introduction of more low-price projects in the capital's suburbs last month, said the company's chief analyst, Zhang Yue. "There are very few new projects within the Fourth Ring Road, while most of those now being promoted are outside the Fifth Ring Road," she said.