Beijing housing prices slump to five-year low
4/6/2003 14:27
The average housing price in Beijing reached 4,764 yuan (US$574) per
square meter last year, down 298 yuan from a year before, the lowest price over
the past five years, nonetheless doubling the average property price nationwide,
according to the Beijing Statistics Bureau.
According to statistics, the
average housing price in Shanghai was 4,121 yuan per square meter last year, 15
percent less than that in Beijing, while the disposable income in Beijing only
reached 12,500 yuan last year, six percentage points lower than that in
Shanghai.
High land prices and poor operation in the real estate market
are cited as the main reasons Beijing property prices have remained relatively
high compared to the national average, said an industry analyst. Land resources
in the coming five to ten years shouldn't restrict development in the Beijing
real estate market, the analyst said.
Beijing has a great number of
property development companies, but there is no fair market competition system
available to date, the analyst added.
Wendy Zhang/ Shanghai Daily news
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