The number of house sale contracts signed online in Beijing over the three-day New Year holiday was down 60 percent year-on-year to 570, according to statistics from Beijing Municipal Commission of Housing and Urban-Rural Development.
The period saw transfer contracts for 541 newly-built houses signed online, and 29 transfer contracts for secondhand houses. The lowest price was 8,800 yuan ($1398.11) per square meter.
According to housing market specialist Chen Liang, Beijing currently has 123,000 unsold newly-built houses, and clearing this inventory could take 18 months. As such, newly-built house prices will fall.
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