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Online house sales in Beijing drop

2012-01-05 17:15 Global Times     Web Editor: Yuan Hang comment

The number of house sale contracts signed online in Beijing over the three-day New Year holiday was down 60 percent year-on-year to 570, according to statistics from Beijing Municipal Commission of Housing and Urban-Rural Development.

The period saw transfer contracts for 541 newly-built houses signed online, and 29 transfer contracts for secondhand houses. The lowest price was 8,800 yuan ($1398.11) per square meter.

According to housing market specialist Chen Liang, Beijing currently has 123,000 unsold newly-built houses, and clearing this inventory could take 18 months. As such, newly-built house prices will fall.

 

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