Used-home sales in March hit six-year low
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.