Property prices of Beijing remain stable
(MENAFN) According to a governmental report, Beijing's property market was held steady last month with second-hand home prices edging for seven months in a row.
According to the research arm of Lianjia, the country's biggest real estate chain, second-hand home prices have dropped from a peak of 67,801 yuan per square meter in March to 59,597 yuan per square meter in November.
Home prices dropped by 0.9% last month in comparison with October, as in May, Beijing has increased the down payment for second homes and suspended housing loans with a maturity of 25 years or more.
Authorities in China have repeatedly said that "houses are built for living in, not speculation," vowing to step up housing system reform and adopt a long-term market mechanism.
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