Beijing housing prices decline
26/8/2003 14:35
Housing prices in Beijing reached 4,339 yuan (US$523) on average in the
first seven months of the year, down 370 yuan from a year before, according to
the Beijing Statistics Bureau.
The average property prices in Beijing
continued to decline, with the housing units between the city's fifth ring road
and sixth ring road the best-seller from January to July this year.
A total
of 1.78 million square meters of housing properties located in that area were
sold during that period, or 15,000 housing units, with the two figures
accounting for 31.1 percent and 29.3 percent of the total residential property
sales respectively, according to the statistics.
The average housing price
between the city's fifth ring road and sixth ring road reached 3,289 yuan in the
first seven months of the year, 1,050 yuan less than the average property price
in Beijing, according to statistics.
Beijing's real estate development is
currently focusing on the area outside the city's fourth ring road, where the
land prices and relocating costs are comparatively lower than those inside the
local fourth ring road, which pulled down the average property prices in the
city, said an industry analyst.
Wendy Zhang/ Shanghai Daily news
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