CCTV.com - CNTV English - CCTV News

Beijing Q1 average home price down 19.4%

04-10-2012 10:45 BJT

Watch Video

Play Video

The small rebound China's property market saw in March wasn't enough to save a dismal first quarter for the sector. The average price of new homes in Beijing fell nearly 20 percent in the first quarter, as the government’s cooling policies continue to weigh on the market. Sales rebounded marginally but experts say it wasn’t enough to change the direction of the downward trend.

According the Beijing Real Estate Association, new home prices in Beijing fell 19.4% year on year in the first quarter to 12,326 yuan per square meter. Not including affordable housing, the average price of homes fell 19.4% to 19,516 yuan per square meter. The largest decline in price was seen around Beijing’s fifth and sixth ring road and in surburban areas. Among the top 10 projects in terms of sales, prices fell in 8 projects, while the other 2 saw higher prices.

Chen Zhi, secretary general of Beijing Real Estate Association said, "Judging from current situation, these projects are also likely see even lower prices in the future. The current rebound is a correction, it won’t change the downward trend."

A total of 16,000 units were sold in the first quarter, rebounding mildly from the fourth quarter last year. Transaction volumes are at their lowest level in five years.

Chen said, "The rebound is really a really minor one from the low transaction volume in the fourth quarter last year. It’s weak. We cannot say the Beijing market is picking up judging by the sales."

A separate report says more than 80 percent of sales in the first quarter were for homes beyond the fifth ring road where homes are less expensive compared to the inner ring areas. Therefore, it led a fall in the average price of homes.

 

Editor:Zhang Rui |Source: CNTV.CN

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