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China News: Beijing Housing Sales Drop in 2005

Beijing sold 40.8 million square meters of residential housing in 2005, down 4.1 percent year-on-year, the municipal statistical bureau said.

This included an advance sale of 21.52 million square meters of houses and apartments that were still unfinished when deals were stricken, representing an 18.7 percent decline from 2004, the bureau said in a press release on Sunday.

Last year, the average advance sale price for residential houses and apartments stood at 6,725 yuan (US$840) per square meter, a year-on-year rise of 1,083 yuan (US$135) or 19.2 percent.

Beijing's land supply for residential housing totaled 880 hectares in 2005 and its projected construction was nearly 12 million square meters in floor space.

Meanwhile, altogether 72.8 million square meters of residential housing were under construction in Beijing last year, up 7.8 percent over 2004.

The municipal construction committee approved the advance sale of 22.05 million square meters of residential housing in 2005, down 23 percent from 2004.