Existing Beijing home sales exceed 100,000 units

Monday saw the number of existing homes sold in Beijing this year hit 100,257, making 2012 the fourth consecutive year in which more than 100,000 homes have been bought in the capital, according to new data.

Driven by a housing market rebound, the sales in units were up 6.4 percent from a year ago, real estate agency Centaline Property revealed on Tuesday.

Zhang Dawei, head of Centaline's research department, said declines in house prices earlier this year prompted more people to snap up bargains.

The sales boom, particularly strong in the middle of 2012, also came after two lending rates cuts sparked fears among potential home buyers that the central government was easing property market control measures.

With an expected sales decline in the fourth quarter from high levels a quarter earlier, Zhang forecast full-year sales would exceed 135,000 units.