From the article linked below: Beijing new home prices declined 7% from the start of 2011 to the end of 2011, and at the end of first quarter in 2012, prices are 20% below year-ago levels. 90% of the 16,000 housing transactions involved first-time homebuyers. Total housing turnover was 18,000 units and 1.8 million square meters, down 14.2% and 19.6% from last year and the lowest figures since 2007. Average price for all housing transactions was ¥19,516 per square meter, down 19.4%.
The most likely way for transactions to pick up is through price cuts. They are coming.
北京新房成交均价下降20% 商品房成交量创5年新低
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