- CNTV English - CCTV News

Homepage > News > Biz >

Beijing property market rebounds in July

07-12-2012 20:19 BJT

BEIJING, July 12 (Xinhua) -- Beijing's housing market perked up in early July, with home sales jumping to 8,862 units, 44 percent more than early June, according to official figures released on Thursday.

Trading volume for homes jumped 86 percent compared with the corresponding period in 2011, according to data released by the municipal commission of housing and urban-rural development.

Both new and second-hand home sales volumes rose sharply compared with early June and the same period last year.

The average price of a new home in early July was 20,932 yuan (3,284 U.S. dollars) per square meter, similar to the figure released for the previous month, according to data from 5i5j Real Estate, a major Chinese real estate company.

The People's Bank of China announced on July 5 that it would cut the benchmark interest rate for one-year deposits by 25 basis points and that for one-year lending by 31 basis points.

It marked the central bank's second interest rate cut in two months, with the move apparently intended to stimulate borrowing as the economy is expected to slow further in the second quarter of 2012.

First-time buyers and purchases of luxury homes jointly contributed to the increased demand, said Hu Jinghui, vice president of 5i5j Real Estate.

Lower prices from developers and the reduction of interest rates also prompted the rebound, Hu said.

Hu said he does not expect a rebound in the second half of the year, as the government has voiced its determination to continue to curb speculation in the property sector.

A slew of measures put in place since 2011, including restrictions on second-home purchases, higher down payments and the introduction of property taxes, have cooled the property market to a certain extent and made buyers hesitant to purchase.


Editor:James |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program