Used-home sales in March hit six-year low

China Daily (Canada) - - NEWSCAPSULE -

Pre-owned home pur­chases in Bei­jing reached a six-year low in March, and sales aren’t likely to im­prove this month as a wave of new homes are ready to hit the mar­ket, ac­cord­ing to Centaline Property Agency.

A to­tal of 8,943 units were sold in March, ac­cord­ing to Centaline. That ac­counts for just one-fifth of the 43,780 units sold the pre­vi­ous March. Prices dropped 0.6 per­cent from Fe­bru­ary to 31,400 yuan ($5,055) per square me­ter in March.

The slump in used home sales re­in­forces re­cent mar­ket data show­ing that China’s property prices are los­ing steam af­ter years of cut­throat growth.

As one of the pil­lar in­dus­tries in China, ac­count­ing for as much as 10 per­cent of the econ­omy, a cooldown in the property mar­ket could have a sig­nif­i­cant im­pact on China’s econ­omy. (Photo 4)


A porce­lain cup known as a “chicken cup” be­cause of its dec­o­ra­tions brought $36 mil­lion at a Sotheby’s auc­tion in Hong Kong on Tues­day. The buyer was Shang­hai bil­lion­aire Liu Yiqian.

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