Beijing property fair opens

The Beijing Spring Property Fair opens today. The fair is considered the benchmark for the capital's property market. According to organizers, the average price of properties within the fifth ring road is over 25 thousand yuan per square meter. The booming property market is now attracting overseas real estate developers.

Organizers say over 130 developers will attend the event, up 20 percent on last year. Housing prices range between 7,000 yuan and 40 thousand yuan per square meter. The average price in Beijing hit 23 thousand yuan per square meter in March. It has risen 11 percent so far this month, with prices almost doubling in the last two years.

Zheng Xiangdong, vice sec'y general of Beijing 4 Season Property Fair, said, "The average property price was 13 thousand yuan per square meter at last year's event. This year we are looking at 25,000 yuan per square meter, for properties within the 5th ring road."

The fair is considered the benchmark for the capital's property market.