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First-quarter home prices down 20.7% in capital

Updated: 2012-04-10 08:00
By Hu Yuanyuan ( China Daily)

Prices of new homes in Beijing fell 20.7 percent year-on-year in the first quarter, as property developers offered more discounts to stimulate sales with tightening policies set to continue.

The average price of new homes in Beijing was 12,326 yuan ($1,956) per square meter as of end-March, compared with 13,173 yuan at the end of last year and 14,147 yuan at the beginning of 2011, the Beijing Real Estate Association said on Sunday.

According to Chen Zhiwu, secretary-general of the association, 16,000 new apartments were sold during the first quarter, with 90 percent of buyers being first-home purchasers.

First-quarter home prices down 20.7% in capital

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