August 9 -- The average transaction price of new ordinary residential housing in Beijing fell 8.2 percent from the average transaction price of 14,847 yuan per square meter recorded in 2010, to 13,623 yuan per square meter in the first seven months of 2011, reports Beijing Times, citing Beijing Real Estate Association (BREA).
The average transaction price of new commercial residential properties rose 9.8 percent month-on-month to 22,690 yuan per square meter in July.
According to BREA, most of the transactions were in the central districts where prices were relatively higher.
Of the 170 new commercial residential developments which recorded transactions in July, transaction prices in 161 developments, or 98.8 percent of the total, were unchanged.
The transaction prices of 10 developments out of the 15 new developments which were launched for sale in July were unchanged.
The transaction volume of new commercial residential properties and existing homes in the six central districts in July rose 16.7 percent and 14.1 percent month-on-month to 2,041 units and 4,986 units, respectively.
Transactions of new commercial residential housing in the newly developed suburbs of Beijing fell 21 percent month-on-month to 2,447 units in July.
Home purchases for self-occupation accounted for 88 percent of the total in July, according to BREA.
The new supply of commercial residential housing in July fell 1.4 percent month-on-month to 2.454 million square meters.
Of the total supply of new homes in July, commercial residential housing accounted for 5,315 units, down 61.4 percent month-on-month. Affordable housing accounted for 1,117 units of the total supply, down 57.7 percent month-on-month, while the supply of commercial office buildings surged 3.3-fold in July to 1.39 million square meters.
According to an industry analyst, this was due to developers switching to the development and sales of non-residential properties in order to generate cash flow following government restrictions on the residential housing sector.
Shares of Beijing Vantone (600246) rose 0.24 percent to trade at 4.23 yuan at 13:31 today.