[photopress:beijing_apartments_1.jpg,full,alignright]According to the China Securities Journal despite an increasing supply Beijing’s real estate market kept up its high prices in May. A total of 52 real estate projects went on sale including 13 entirely new projects while the rest were continuing stages of existing projects.
The newly added real estate area added up to 1.2036 million square meters, up 9.4% compared with April. Despite suggestions from the government that the lower end of the market should have priority real estate projects with an average price of more than RMB10,000 a square meter accounted for very nearly half of the new projects.
A total of 35 newly opened projects in May were located outside the fifth-ring road, up 84.2% from April, with a newly added supply area of 727,000 square meters, an increase of 40.5% compared with April. The newly added supply area within the fourth-ring road was only 134,500 square meters in May, accounting for 11.2% of the total.
Second-hand housing prices witnessed slower growth. The average transaction price for second-hand housing reached RMB8,749 per square meter in May in Beijing, a slight increase of 0.85% compared with April, according to real estate agencies.
Source: China Daily