More signs of economic stress in China’s real estate market…
In September and October, only 10,743 homes were sold in Beijing, down 46 percent from a year ago. New home sales in the first ten months totaled 69,079 units, down 17.8 percent year-on-year, while second-hand home sales dropped 35.8 percent to 101,188 units, according to bjfdc.gov.cn.
According to the Centaline Property Agency, a supply of 9,152 new homes in October has added Beijing’s total house supply to 118,000 units, a new high since June 2009.
It would take 22 months to consume the inventory even if there were no new supply, said the agency.

Source: Xinhuanet.com

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