China Business

Nov 18, 2005

Lower housing price growth in Beijing

BEIJING - Beijing's housing price growth was 0.7 percentage points lower than the national average in October. Selling prices rose 0.4% over those in September, 0.1 percentage points lower than the national average, although prices of new housing and secondhand homes rose 0.2% and 2.7% over those in September, 0.4 and 0.7 percentage points lower than the national figures for September.

With the implementation of macroeconomic control policies, the rate of housing price growth in some cities has begun to slow down. A survey conducted by the National Statistics Bureau

showed that only 16% of consumers deemed it the right time to buy houses, two percentage points less than in June.

Experts said that with the rise in the income of urban residents and the increase in the "floating population", the demand for housing will soar and so will housing prices in Beijing. Statistics showed that home sales prices in China's 70 largest cities rose 6.6% year-on-year, 1.1 percentage points higher than in September.

(Asia Pulse/XIC)

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