A total of 22 new property developments offering 5,362 units with area of 622,000 square meters had been launched this year in Beijing as of February 22, reports China Securities Journal, citing Beijing Centaline.

During the same period, 843 units covering an area of 86,500 square meters were transacted, with a sales ratio of only 15.7 percent.

A majority of the 843 transacted units were sold at discounted prices.

One project by China Vanke (000002,200002), which had an average price of 12,694 yuan per square meter, sold 450 units. This Vanke development was once transacted at 16,000 yuan per square meter.

A total of 20 new developments are expected to be launched in Beijing in March, with the majority located in the suburbs, with only five located in the six city districts.