Source: CCTV.com

02-21-2008 11:18

While China's first budget-priced housing in Guangzhou have been selling slowly, the price-capped homes in Beijing have already attracted many potential buyers.

While China's first budget-priced housing in Guangzhou have been selling slowly, the price-capped homes in Beijing have  already attracted many potential buyers.

The first budget-priced housing in Beijing consists of 18 buildings with a total of 4,600 units. Although the whole project hasn't been completed yet, it has attracted many buyers.

One customer said "I'm very interested in the budget-priced housing. But I'm not sure about the government's policy details."

The developer says the prices of these budget-priced units were set 10 to 15 percent lower than nearby commercial housing last April. And now the prices are at least 70 percent lower than those newly-developed properties around the area. The whopping cheaper prices also increased the developer's confidence on sales.

Cheng Huizheng, Vice GM of BJ Zhuzong Real Estate said "I believe that many middle-and-low-income families in Beijing will rush to buy these units. And I'm very confident of the sales volume."

Despite the much lower prices, real estate agencies say sales of commercial housing will not be impacted very much, as budget-priced housing especially caters to certain people and its total volume is still lower than commercial housing.

Editor:Xiong Qu