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Housing sales in Beijing soared in June

07-19-2012 09:59 BJT

Housing sales in Beijing soared significantly in June. What's the reason behind the jump and who bought all these pricey houses? Is it showing signs of a rebound in the property market?

Another busy day in Fengtai House Administration Bureau in Beijing.

Wang Xiaomeng, Deputy Director, Fengtai Housing Admin. Bureau, Beijing, said, "Many more people have come here to register property rights since June. The number increased to 300 people per day from 200, that's a 30% to 40% jump."

Last month Fengtai District experienced housing sales that topped 16-hundred. And as Ms. Wang told us, among those newly sold homes, those small and medium-sized houses dominated the numbers. More than half of the units were sold for less than 1.5 million yuan a piece. A similar situation played out in Xicheng District.

Lian Jianmin, Director of Xicheng Housing Admin. Bureau, Beijing, said, "As of May, the bank's required reserve ratio was lowered, and interest rates were lowered twice. Additionally, some commercial banks lowered lending rates for a buyer's first house. So the demand jumped much more in May and June than in January and April."

Figures show that the number of people who purchased their first homes was eight times higher than those who bought a second or third home in Beijing. Should we brace for a bottoming-out in property prices? Analysts don't think so.

Chen Zhi, Secretary-General, Beijing Real Estate Association, said, "People who purchase their first home are sensitive about the price. Once the prices rebound, trade volumes will drop sharply."

Meanwhile, analysts said, a large amount of sales at relatively low prices will still be the main strategy for most real estate developers throughout the year.


Editor:Bai Yang |Source: CNTV.CN

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