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Beijing's property sales down 12.2% in 2011

Jan. 25, 2012 (China Knowledge) - The sales area of properties developed by Beijing's real estate developers fell 12.2% year on year to 14.4 million square meters last year, according to the latest statistics released by the Beijing Statistics Bureau.
The sales area of residential properties dropped 13.9% year on year to 10.35 million sq m, and that of office properties increased 1.6% year on year to 2.11 million sq m.
The sales area of commercial properties experienced the biggest decline of 23.5% year on year, hitting 1.09 million sq m.

In 2011, the city's investment in property development saw slowing increase of 10.1% year on year, reaching RMB 303.63 billion. The city completed RMB 74.61 billion investment in government-supported housing projects, 94.9% more than that in the same period of 2010.

In December alone, the price of the city's new residential properties fell 0.1% month on month, reflecting a decline for the second consecutive month, and the price of second-hand residential properties dropped 2% year on year.

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