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Beijing's property prices up 11.1% in Oct

Nov. 15, 2010 (China Knowledge) - Beijing, China's capital city, saw its property prices rise 11.1% year on year in October, 0.3 percentage points lower than in September, according to the statistics released by the Beijing Statistics Bureau.

Property prices edged up 0.1% month on month in October.

Last month, prices for new residential properties increased 17.5% year on year. Prices for commercial residential properties jumped 19.3% from the same period of last year, and prices for residential properties for low-income families and price limited properties grew 2.5%. Prices for second-hand residential properties climbed 5% year on year in October, 0.2 percentage points higher than that in September.

In the first ten months of this year, the city sold 11.7 million square meters of new commercial properties last month, 33.4% less than that in the same month of 2009. Sales area of residential properties plunged 40.8% year on year to 8.48 million square meters, and sales area of properties for office use dropped 11.4% year on year to 1.55 million sq m. However, sales area of properties for business use rose 5.4% year on year to 1.1 million sq m.

The city's property sector completed RMB 240.29 billion of investment in the first ten months, 21.2% more than in the same period of last year.

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