Beijing property market rebounds in July
Updated: 2012-07-13 10:11
(Xinhua)
|
|||||||||||
BEIJING -- Beijing's housing market perked up in early July, with home sales jumping to 8,862 units, 44 percent more than early June, according to official figures released on Thursday.
Trading volume for homes jumped 86 percent compared with the corresponding period in 2011, according to data released by the municipal commission of housing and urban-rural development.
Both new and second-hand home sales volumes rose sharply compared with early June and the same period last year.
The average price of a new home in early July was 20,932 yuan ($3,284) per square meter, similar to the figure released for the previous month, according to data from 5i5j Real Estate, a major Chinese real estate company.
The People's Bank of China announced on July 5 that it would cut the benchmark interest rate for one-year deposits by 25 basis points and that for one-year lending by 31 basis points.
It marked the central bank's second interest rate cut in two months, with the move apparently intended to stimulate borrowing as the economy is expected to slow further in the second quarter of 2012.
First-time buyers and purchases of luxury homes jointly contributed to the increased demand, said Hu Jinghui, vice president of 5i5j Real Estate.
Lower prices from developers and the reduction of interest rates also prompted the rebound, Hu said.
Hu said he does not expect a rebound in the second half of the year, as the government has voiced its determination to continue to curb speculation in the property sector.
A slew of measures put in place since 2011, including restrictions on second-home purchases, higher down payments and the introduction of property taxes, have cooled the property market to a certain extent and made buyers hesitant to purchase.
Related Stories
Rents on the rise as home prices slacken 2012-07-09 10:38
June new home prices up 0.05% 2012-07-03 09:11
China injects $80b into affordable housing 2012-07-09 13:50
Warming housing market unnerves buyers 2012-07-06 09:47
Beijing housing sales enjoy 9-percent growth 2012-06-18 17:11
Today's Top News
President Xi confident in recovery from quake
H7N9 update: 104 cases, 21 deaths
Telecom workers restore links
Coal mine blast kills 18 in Jilin
Intl scholarship puts China on the map
More bird flu patients discharged
Gold loses sheen, but still a safe bet
US 'turns blind eye to human rights'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |