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| Chinanews, Beijing, Feb. 8 – The regulation published by the Beijing municipal government on limiting the number of houses overseas buyers can buy has proved to be effective, at least in the short term, as the sales of luxury used houses in areas where most overseas buyers buy houses have dropped greatly, the Beijing Times reported. On Febuary 2, the Beijing Municipal Construction Commission issued a notification on regulating house purchase by overseas institutions or individuals. The notification stipulates that overseas persons that want to buy commercial houses in Beijing should have studied or worked in Beijing for at least a year and one person can buy only one apartment for living purpose. The notification has proved to be effective. According to information released by Homelink Real Estate Agent, overseas individuals' house transactions contribute to 75% of all house transactions made in the eastern area of Beijing, mostly centered in areas like the International Trade Center business zone, Lize and Yansha business zones, areas near the airport expressway and Wenyuhe. After the notification, transactions of used commercial houses sold at a price of 15,000 yuan per square meter or over in these areas have decreased by 13-18% from January. Sales of newly built luxury houses have also decreased by 11-20% compared with January. Information from the Market Department of the Xinyitian Real Estate Agent also shows that after the notification was issued, house transactions in areas where most overseas persons buy houses, such as the International Trade Center business zone, Yansha business zone, Lidu and Wangjing, have also dropped dramatically. The house sales in February have decreased by 12.3% from January, and their consulting has decreased by 25% compared with January. Sales of used luxury houses have decreased most (29.4%) in the International Trade Center business zone, followed by Lidu (23.5%), Yansha (16.8%) and Wangjing (12.3%). |
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