The property market in Beijing has shown signs of cooling since a new policy curb was implemented on September 30th. Statistics show that weekly sales of new homes have remained below 2000 units for seven straight weeks. Transactions involving pre-owned properties have also been declining.
Fresh statistics show that Beijing sold 1383 units of new properties in the week ending December 18th. That was a drop of over 45 percent from the previous week. It also marked the 7th week in a row that property transactions have been under 2000 units each week.
"The new policy on September 30th has shown an effect in cooling down the market. New home buyers will probably take a wait and see attitude, therefore I think from now to the Chinese New Year the market will remain sluggish," said Hu Jinghui, property industry expert.
In past years, property transactions sometimes surged towards the year end. However, analysts think 2016 will be an exception.
"Based on the market situation, we think property transactions are still on a downward streak," property industry expert Ren Qixin said.
Property transactions declined 13.7 percent in the first 20 days of December from last month and 15 percent from the same period last year.