Average Price of New Beijing Residential Property Drops for First Time in 19 Months
Published:
2011-04-12
The average price of a newly constructed Beijing commercial property dropped to 19,679 yuan per square meter in March, according to statistics released by the Beijing Property Trade Management Network. This is the first time that prices for such properties have witnessed a year-on-year fall in 19 months. According to an unnamed official with the Beijing Housing and Development Commission, decreased trading volume can be attributed to a decline in speculation with owner-occuoiers making up almost 90% of those purchasing properties.
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