[photopress:beijing_apartments.jpg,full,alignright]22.87 million square meters of commercial housing were sold in Beijing in 2006. This was a 3.2% increase on 2005 which, in itself, was an amazing year. All this from the Beijing Daily.
A report released by real estate information website showed that the sales value of commercial housing — residential and office buildings and shops — was RMB200.1 billion (about $25 billion) in 2006, with an average price of RMB8,792 per square meter, an increase of 16.7% on 2005.
Some experts said that real estate sales in Beijing may continue at the level of 20 million square meters a year for several years. Estimates suggest that 21 million square meters of residential buildings, both up market and economically affordable houses, will go on sale in Beijing this year.
In December 2006, the People’s Bank of China (PBOC), the central bank, called for caution regarding the possible financial risks in the real estate sector. Despite the warning, the central bank report said market demand for houses is still strong.