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BIZCHINA> Top Biz News
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Beijing pre-owned housing transactions hit 8 year low
By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-26 13:20 The transaction volume of Beijing's pre-owned houses in 2008 may see a drop of 23.2 percent on a yearly basis, the first fall in eight years, according to statistics from www.homelink.com.cn.
The major reason, said the report, is that the traditional "hot season" for pre-owned housing transactions was severely dampened by falling property prices and a strong wait-and-see sentiment. But thanks to the government's measures to revitalize the market, transactions in December are expected to bounce, thus raising the total annual volume to hover at around 73,000 units. This however, is still down 23.2 percent year-on-year this year, said the report. (For more biz stories, please visit Industries)
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