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June home transactions surge in Beijing

07-19-2012 11:40 BJT

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Though the property prices didn’t move that much, it’s worth noting that the volume of sales of newly-built homes in Beijing soared significantly in June.

In Beijing’s Fengtai district, people were queuing up in the lobby of the local housing administration bureau before it opened.

Wang Xiaomeng, deputy director of Fengtai Housing Administration Bureau, said, "Starting from June, the registration numbers of transactions of property rights surged. Before that, there were about two hundred transactions every day, and now it is more than three hundred."

She also said, home sales especially boomed for low-price houses, or for those whose developers promised a sweet discount.

Besides, people who purchased their first homes were eight times more than those who bought a second or third home already. Under these circumstances, no much speculative demand could worm its way into Beijing’s property market.

So can we expect a bottoming-out of property prices? Analysts don’t think so.

Chen Zhi, secretary-general of Beijing Real Estate Association, said, "People who purchase their first home are limited in money, so they are sensitive about price. Once the prices rebound, trade volumes will drop sharply."

Meanwhile, analysts said, large sales volumes and relatively low prices will still be the key strategy for most real estate developers for the rest of the year.

Editor:Wang Xiaomei |Source: CNTV.CN

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