Source: CCTV.com
12-17-2008 11:10
Special Report: House Market under New PolicyNew data shows sales of Beijing's 357,000 units of newly constructed commercial housing have been sluggish. And that sales have been hampered by a lack of enthusiasm for the property market.
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| New data shows sales of Beijing's 357,000 units of newly constructed commercial housing have been sluggish. |
Beijing has become the fourth city after Shenzhen, Guangzhou and Shanghai to witness shrinking transaction numbers in the property market. Industry insiders say developers are not willing to slash prices to stimulate sales. Experts also predict the depressed market will continue for a considerable time, with some correction in prices.
Meanwhile, next year as a result of new government policy there will also be 2 million square meters of affordable housing added to the market. And this will also affect the performance of the commercial housing market in Beijing.
Analysts say that without major government intervention in the way of new stimulus incentives housing prices will likely drop in the first half of next year.
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Editor:Xiong Qu
