Housing prices in Beijing have stumbled 5.1 percent year-on-year in the first 10 months of 2011.

Housing prices in Beijing have stumbled 5.1 percent in the first 10 months of 2011 compared with that of 2010, as the government's measures to cool the sizzling property market took hold.

The average price for a new apartment in the city dropped to 14,083 yuan (＄2271) per square meter in the January-October period, when about 58,000 units of regular apartments were sold, according to a report by the Beijing Real Estate Association.

The Chinese government in April started to restrict residents in 43 major cities from buying second or third homes, as a move to bring down property transaction volumes, as well as house prices.

Source:caijing