Beijing commercial housing prices down 30pct
From: Xinhua
The average transaction price of Beijing's commercial housing market plummeted about 31 percent from one month before, following the central and municipal governments string of measures tightening up the runaway housing market.
The average transaction price for a commercial flat in Beijing decreased to 16,898 yuan per square meter, nearly 8,000 yuan less than its peak level before the policy change, the Beijing News reported, quoting data from Yahao, a property data service provider.
Beijing s commercial housing market saw a drop in both housing prices and transaction volume last week, according to the Beijing Real Estate Transaction website. The transaction volume for completed apartments dropped 54 percent, and that of homes yet to be constructed declined 14 percent, compared with figures from a week earlier.
The average housing transaction price remained firm for three weeks after the central government issued its policies tightening the property market, but a continued drop in transaction volume finally caused housing price to tumble.
The average housing transaction price has fallen from 22,176 yuan per square meter on April 26 to 16,898 yuan per square meter on May 2.
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