Second-hand home sales in beijing slump to three-year low

Sales of second-hand homes in Beijing have slumped to a three-year low so far this September, according to several reports coming out of China this week.

Transactions of existing homes saw 4,233 Change hands in Beijing between September 1 to 19, down 73% on the same period last year.

"Price cuts of new property projects have affected prices of second-hand homes in the region," Zhang Dawei, an analyst with Centraline Property, a Beijing-based real estate agency, told OPP.

The Chinese government continues to try and cool down the domestic property market, targeting cities where it believes that the price growth rate has become excessive. The Chinese central bank has also raised interest rates three times this year.

Source: OPP.org.uk