Mar. 23, 2012 (China Knowledge) - The sale area of properties built by Beijing
's real estate developers plunged 40.4% year on year to 1.04 million square meters in the first two months of this year, according to the latest statistics released by the Beijing
The sale area of residential properties dropped 37.5% yea on year to 827,000 sq m, and that of office properties decreased 65.4% year on year to 72,000 sq m.
The sale area of commercial properties experienced a decline of 49.6% year on year, hitting 66,000 sq m in the first two months.
During the period from January to February, the city's investment in property development slid 4.6% from the corresponding period of 2011 to RMB 18.76 billion. The city completed RMB 3.43 billion investments in government-supported housing projects, 19.5% less than that in the same period of last year.