Beijing property sales up 25 pct

Real estate sales in Beijing rose 25.2 percent year on year to 11.5 million square meters in the first three quarters of this year, the municipal bureau of statistics said Friday.

Housing sales surged 39.3 percent year on year to 8.8 million square meters, the bureau said in a statement.

Prices of new homes slid 0.5 percent year on year in September, marking the eighth consecutive month of declines. Meanwhile, prices for existing homes fell 1.8 percent year on year last month, falling for the 11th straight month.

Prices of both new and existing housing edged up 0.1 percent month on month.

This year saw a housing market rebound after declines in house prices earlier this year prompted more people to buy discounted property.

The sales boom, particularly strong in the middle of the year, also came after two lending rate cuts sparked fears among potential home buyers that the central government might ease property market control measures.