Saturday, June 11, 2011

China’s real estate market falling

According to the fresh reports from our sources that Beijing’s home prices are constantly falling from last month comparatively last year’s property prices. “The average price of a newly constructed unit dropped to 23,467 yuan ($3,400) per square meter, down 7.2% from April and down 21% from May 2010” as reports said.

As per China’s sector watcher says that from last couple of years Chinese real estate market is falling like in Beijing and Shanghai.
Recent February report said that the Beijing municipality has introduced several new norms in real estate sector from now onwards there will be restrictions for migrants for purchasing property whereas for second home purchase they have to pay higher down-payments. Those policies are expected to rein in the city’s housing transactions by as much as 50% this year sources said.
China’s National Bureau reported in May that sales prices of newly constructed buildings in 70 big cities, prices are down in 9 cities and remained same in 5 cities comparatively last month. There are 56 cities where property prices are constantly increasing.




Posted: 08 Jun 2011 03:51 AM PDT

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