By the year's end, the average price for a second-hand condo in
Beijing will be over 9,000 yuan per square meter and the selling
number will have risen to more than 85,000 units, up at least 10
percent, according to estimates from local real estate agents.
Fu Yan, an agent with Golden Keys, said that the soaring CPI and
rising new-home prices were the main trigger for the price
increase. More investors along with a sense of panic that the real
estate boom will not stop soon has also helped to drive up
prices.
He added that the people who really needed the apartments as
residences had lower purchasing power and preferred not to buy
amidst the real estate boom but investors with strong purchasing
power did just the opposite.
For more details, please read the full story in Chinese. (http://www.morningpost.com.cn/article.asp?articleid=142014)
(China.org.cn December 19, 2007)
