Pre-owned home deals slump by 70 percent in Beijing

Pre-owned home transactions in Beijing tumbled by almost 70 percent in the first week after the municipal government announced detailed measures to cool the property market, industry statistics showed on Monday.

"Most buyers and sellers have adopted a wait-and-see attitude after the local government announced its property rules, leading to a drop in property transactions," said Hu Jinghui, the vice-president of 5i5j Real Estate.

"Very few buyers have cut prices to seal a deal."