Slump hits Beijing real estate

Number of new houses sold in Beijingfell to its lowest level in February since 2007, according to data from Beijing Municipal Commission of Housing and Urban-rural Development.

Real estate sector in the capital saw a 68 percent decline in turnover of new homes compared to January, with just 2,221 properties changing hands in February, said the commission.

"Reasons for the decline are mixed. As a traditionally slack season for the real-estate market, February also saw shrinking demand and buyer's wait-and-watch mood", said Hu Jinghui, vice president of Weiye and Woaiwojia, a real estate company in China.

Meanwhile, Beijing's second-hand housing market also took a hit. Only 5,441 properties have sold in February, a decline of 38 percent compared to January.

Beginning from the fourth quarter of 2013, Beijing's second-hand housing market started a downward trend said Zhang Dawei, the chief analyst of Centaline Property Beijing.