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Sales fall but price of new homes high

Last Updated: Thursday, February 09, 2017 - 15:15

SALES of new homes plunged in Beijing real estate market last week amid the Spring Festival holiday while the average cost of new homes remained high.

Sales of new homes, excluding government-subsidized affordable housing, plunged 74 percent from the previous seven-day period to 13,000 square meters, Beijing Centaline Property
Consultants Co said in a report yesterday.

These new homes sold for an average 51,164 yuan (US$7,458) per square meter, a weekly increase of 7.5 percent.

Lu Wenxi, senior manager of research at Centaline, said sales momentum was sluggish over the past week, which was “actually no surprise at all if we take into consideration the
national holiday factor” as well buyers’ continued a wait-and-see stance.

The supply of homes plunged 99.6 percent from the previous seven-day period last week when only one 81-square-meter apartment was launched locally, Centaline data showed.

A housing project in Sanlin in the Sanlitun New Area sold 14 units last week for an average 85,897 yuan per square meter, making it the most popular Beijing Real Estate in the city.

A project in Chaoyang District sold six units for an average 86,676 yuan per square meter.

--source from Shanghai Daily

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